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Rail business improves profit but civil engineering hits the buffers
16:57 14 Mar 2003
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Balfour has four business streams. The two most profitable ones are
investments and developments (operating profit of £49m) and
building/building management (£46m).
The biggest improvement in performance came from Balfour's rail division, with operating profit up from £24m in 2001 to £37m, while the only division to slide backwards was civil/specialist services where a turnover of £1.3bn resulted in an operating profit of £17m, a fall of £5m on the previous year.
Chief executive Mike Welton pointed to a few problems. "We continued to incur substantial unplanned costs in some civil engineering contracts on the east coast of the US," he said. Another hiccup was TXU Europe, a shareholder and customer of Barking Power Station. It took 28% of output before going into administration.
The biggest improvement in performance came from Balfour's rail division, with operating profit up from £24m in 2001 to £37m, while the only division to slide backwards was civil/specialist services where a turnover of £1.3bn resulted in an operating profit of £17m, a fall of £5m on the previous year.
Chief executive Mike Welton pointed to a few problems. "We continued to incur substantial unplanned costs in some civil engineering contracts on the east coast of the US," he said. Another hiccup was TXU Europe, a shareholder and customer of Barking Power Station. It took 28% of output before going into administration.
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