Key project: Balfour Beatty is behind London’s Crossrail project
Construction giant Balfour Beatty more than doubled its annual profits – despite a £44million hit from the collapse of Carillion.
The group behind London’s Crossrail project reported underlying pre-tax profits of £196million for 2017, up from £69million the previous year.
Its profit leap comes even though it took a £44million hit on the delayed Aberdeen western peripheral road – a joint venture with Carillion and Galliford Try, due to complete this summer.
It said it had hired more than 150 staff following the Carillion liquidation, taking on staff who had worked alongside Balfour on the Aberdeen project, and other joint ventures.
Pre-tax profits jumped to £117million from £10million a year earlier, while the UK construction arm posted operating profits of £16million, against losses of £65million in 2016.
Shares rose 1.8 per cent, or 5.1p, to 282p.