Balfour Beatty issues £70m warning on UK construction profits and cancels £200m share buyback January 22, 2015 Balfour Beatty has warned profits at its UK construction arm will take a £70m hit after a review of its business by KPMG found it had made “optimistic assumptions” about the cost and risk of contracts. The widespread review of the construction group’s business was initiated in September after it made its fifth profit warning [...]
Balfour appoints Hogg Robinson finance boss to replace Magrath January 20, 2015 INFRASTRUCTURE group Balfour Beatty has appointed Philip Harrison as chief financial officer, replacing Duncan Magrath. Harrison is currently group finance director at Hogg Robinson Group and has previously worked at government support services business VT Group and at Hewlett-Packard. He will take up his new position and join the Balfour board later in the year, [...]
Balfour Beatty wins Scape Group public works contract worth £1.5bn January 19, 2015 Construction firm Balfour Beatty has been appointed sole contractor to a new UK-wide civil engineering and infrastructure framework for public works valued at up to £1.5bn. Individual projects within the framework, which will run until February 2019, are expected to be worth up to £40m each. The framework is operated by public sector-owned Scape Group [...]
Balfour Beatty makes a statement with £164m deal for wind farm assets December 17, 2014 Construction giant Balfour Beatty will this morning push ahead with plans to expand its coveted investment unit by revealing a £164m acquisition of assets linked to a wind farm off the coast of Kent. The Thanet Offshore Transmission Project was previously operated by British energy firm Vattenfall. The assets include one offshore and one onshore [...]
Balfour Beatty share price climbs after it rejects a £1bn bid from JLIF for its PFI contracts December 5, 2014 Balfour Beatty has rejected a £1bn bid for its lucrative portfolio of infrastructure contracts from John Laing Infrastructure Fund (JLIF), saying it’s not enough. Shares in the UK’s largest construction firm climbed more than three per cent after it said the bid falls “significantly short” of its value. The firm said its value stood at [...]
Balfour Beatty share price climbs after £1bn offer for investment arm is confirmed December 1, 2014 Balfour Beatty’s share price has risen over five per cent in early morning trading, after John Laing Infrastructure Fund (JLIF) confirmed plans to make a £1bn offer for its investment arm. Following reports suggesting John Laing was eyeing Balfour’s portfolio of public-private partnership assets, the City fund moved to confirm its offer this morning. [...]
John Laing Infrastructure Fund eyes £1bn Balfour Beatty portfolio November 30, 2014 Britain’s biggest construction company could be about to break up. John Laing Infrastructure Fund is weighing up a £1bn bid for Balfour Beatty’s investment arm, according to reports. The Sunday Times reports that John Laing Infrastructure Fund is considering an offer for Balfour’s portfolio of private finance initiative (PFI) contracts. The PFI contracts [...]
Another departure at Balfour Beatty as chief financial officer Duncan Magrath steps down November 4, 2014 Construction company Balfour Beatty announced the departure of chief financial officer Duncan Magrath yesterday. Magrath, who has been with the infrastructure firm for eight years and in the top finance role for six, will leave the business in 2015 after a successor has been found. He will also continue as a member of the board [...]
Balfour Beatty completes $1.24bn sale of Parsons Brinckerhoff to WSP Global October 31, 2014 Balfour Beatty has completed the sale of its design arm Parsons Brinckerhoff to Canadian firm WSP Global for $1.24bn (£753m). The deal, which derailed merger talks between the construction firm and Carillion, gained shareholder approval earlier this week. Balfour Beatty expects to spend the proceeds on returning £200m to shareholders through a share buyback programme [...]
Balfour Beatty share price rises after Parsons Brinckerhoff deal gets shareholder thumbs up October 28, 2014 Balfour Beatty's share price rose this afternoon, following the news it had received shareholder approval to sell off its design consultancy arm Parsons Brinckerhoff. The construction company secured 93 per cent of votes cast at a general meeting today for the deal to go ahead. Shares rose more that 1.2 per cent on the back [...]