Welton to step down from Balfour at year-end

Balfour Beatty chief executive Mike Welton will retire from the company and resign from the board at the end of 2004. He will be succeeded by Ian Tyler, who has been chief operating officer of the group since July 2002.

Chairman Sir David John said: "Mike has been an outstanding leader of this company and will leave with ther board's sincere thanks and very good wishes."

This news was revealed as balfour announced its interim results. Turnover was up 14% in the first six months of this year to £1.9bn. Pre-tax profit was up 45% after exceptional items to £61m.

The building, building management and services business generated a turnover of £751m and an operating profit of £13m. Civil and specialist engineering and services produced a turnover of £683m and an operating profit of £8m. Rail engineering and services delivered a turnover of £375m and an operating profit of £23m. Investments and developments generated a turnover of £135m and an operating profit of £31m.