Balfour increases its share in roads consortium

Balfour Beatty has acquired Atkins' 32.2% share in the Connect Roads and Connect M77/GSO Holdings consortia for £13.3m.

Balfour already owns 67.8% of the equity. Connect is responsible for the design, build, finance, operation and maintenance of the A50 in Derbyshire, A30/A35 in Devon and Dorset and the M77 in Scotland.

Atkins' interest in the two consortia made a pre-tax profit of £2.8m in the year to 31 March 2003.

Atkins will use the proceeds from the disposal to reduce group debt. Chief executive Keith Clarke said: "We are pleased that we have been able to reach agreement on this sale. Atkins is committed to PFI and this disposal will enable the group to recycle cash for use in other projects."