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Babtie's profit rises despite BEAR losses
16:50 23 Apr 2004
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Babtie boosted its pre-tax profit for the 12 months ended 31
December 2003 by 51% to £7.8m.
Operating profit increased 23% to £9.2m, while turnover inched up 6% to £179.4m, delivering an improved operating margin of 7.6% (compared with 5.7% in 2002).
Chairman Chris Masters said: "Despite experiencing slow growth in some of our markets, such as rail and defence, this was more than offset by the advances we made in other markets such as public infrastructure and environmental management.
"We have continued to work on many high-profile projects such as Battersea Power Station and the M6 toll road. We have also increased our overseas presence with new offices in China and the United Arab Emirates."
Babtie's exposure to the trading loss generated by BEAR, its Scottish trunk roads maintenance jv with Ennstone and Ringway (CJ 17 March), amounted to £652,000, an improvement on 2002's loss of £1.1m.
Operating profit increased 23% to £9.2m, while turnover inched up 6% to £179.4m, delivering an improved operating margin of 7.6% (compared with 5.7% in 2002).
Chairman Chris Masters said: "Despite experiencing slow growth in some of our markets, such as rail and defence, this was more than offset by the advances we made in other markets such as public infrastructure and environmental management.
"We have continued to work on many high-profile projects such as Battersea Power Station and the M6 toll road. We have also increased our overseas presence with new offices in China and the United Arab Emirates."
Babtie's exposure to the trading loss generated by BEAR, its Scottish trunk roads maintenance jv with Ennstone and Ringway (CJ 17 March), amounted to £652,000, an improvement on 2002's loss of £1.1m.
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