New West Ham stadium roof problems may have forced Balfour Beatty to seek more cash October 20, 2014 Problems with the new roof planned for the West Ham stadium may have led beleaguered construction company Balfour Beatty back to the London Legacy Development Corporation (LLDC) to ask for extra cash. A spokesman for LLDC, which was established in 2012 by the Greater London Authority to regenerate the area in and around the Olympic [...]
Balfour Beatty’s new chief Leo Quinn is ready to turn the business around October 15, 2014 Balfour Beatty’s newly appointed chief executive Leo Quinn yesterday promised to put a stop to “surprises” at the troubled construction firm. “It’s a company of £10m turnover, with 40,000 employees worldwide, and its returns are far too low,” he told City A.M.. “The continuing surprises that it’s had should not be happening in a [...]
Balfour Beatty names Leo Quinn as new chief exec October 14, 2014 Balfour Beatty’s share price soared this morning after revealing it had snagged Leo Quinn, chief executive of QinetiQ, to lead it out of troubled waters after a turbulent year and a series of profit warnings. Quinn, who has headed up defence technology company QinetiQ since 2009, takes over from Andrew McNaughton who stepped down after [...]
Balfour Beatty circular on Parsons Brinckerhoff deal gets approval October 11, 2014 Infrastructure company Balfour Beatty announced yesterday that its shareholder circular regarding the proposed sale of its US business Parsons Brinckerhoff (PB) to a Canadian bidder has been approved by the UK listing authority. The sale price of PB amounts to £820m. The company said in a statement: The sale price represents a significant return on [...]
Balfour Beatty may shut Blackpool International Airport October 6, 2014 Balfour Beatty may be forced to shut Blackpool International Airport if it cannot find a buyer for the asset. The construction firm has been seeking a buyer for the airport since August, and the deadline for its decision is today. Andrew Gibbs, analyst at Investec, told City A.M.: “Blackpool has always been an issue, it’s always [...]
Balfour Beatty share price falls despite sale of Pinderfields and Pontefract Hospital stake October 2, 2014 Balfour Beatty’s £61.5m sale of its stake in Pinderfields and Pontefract Hospital will not be enough to buoy shareholder confidence following the firm’s profit warning on Monday, analysts have said. The company disposed of its 50 per cent interest in the public-private partnership (PPP) yesterday, selling to an HCIL subsidiary, and also announced three new [...]
Carillion trading in line with expectations as Balfour Beatty announces three new projects October 2, 2014 The proposed mega-merger between Carillion PLC and Balfour Beatty failed to materialise, yet neither company is wasting any time licking their wounds. In August, Carillion reported a five per cent drop in half-year revenues shortly before the deal hit the rocks, but insisted it was “well positioned” to target revenue growth for the full-year. [...]
Investor fury at Balfour Beatty profit warning September 29, 2014 SHAREHOLDERS are angry and concerned over the latest trading update from beleaguered construction firm Balfour Beatty. The update, published yesterday, is the company’s third in five months, and revealed a £75m profit shortfall in its construction services UK business. Balfour’s share price fell by 20 per cent after the report and closed down 15.3 per [...]
Balfour Beatty share price nosedives it issues its fifth profit warning this year September 29, 2014 Shares in Balfour Beatty plunged more than 20 per cent in early morning trading, after it issued its fifth profit warning this year. The company said its construction business is likely to show a £75m profit shortfall at the end of the year, but added that trading for the rest of the group remained in [...]
Balfour Beatty portfolio zooms to above £1bn August 27, 2014 The value of Balfour Beatty’s public-private partnership portfolio has soared by nearly 50 per cent to over £1bn the major construction company revealed yesterday. It was Balfour’s first major announcement since it chose to go it alone after rebuffing repeated merger proposals from rival Carillion. The results from the directors’ valuation of the portfolio showed [...]