Balfour Beatty's shares rise after solid interim statement

Balfour Beatty's share price jumped by almost 10 points this morning to 277p, a rise of 3.64%, after a solid interim management statement covering the period 29 June to 3 November.

The construction group reported strong performances from Balfour Beatty Utilities and UK civils. There was also "good progress" in the building sector, apart from signs of a slowdown in development, though this represents "only a minority of our activities in the sector".

Rail and PPP performed in line with expectations, while Balfour Beatty Management delivered the King's Cross underground redevelopment on time and to budget.

Net cash remains healthy at over £200m for the period reported.

Abroad, its most recent acqusition in the US, Barnhart, is "performing in line with expectations", with over $200m of new orders since being acquired by Balfour in June.

In Dubai, Balfour expects its joint venture to earn the firm £350m this year. The partnership between Dutco Balfour Beatty and partner Al Ghandi/CCC has already delivered projects such as the Burj Mall, part of the same complex as the world's tallest tower, the Burj Dubai.