Half Year Results 

Balfour Beatty building the margin

Balfour Beatty building the margin

The collapse of Carillion highlights the desirability of ‘quality of earnings’ and sound treasury management. These lessons haven’t been lost on infrastructure peer Balfour Beatty (BBY), which booked a fivefold rise in underlying profits to £47m, despite a 9 per cent fall in revenue. A 46 basis point increase in the gross margin suggests that efficiencies continue to build under the Build to Last programme, but residual contracts continue to drag on earnings.

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