Balfour reports 20% rise in profit

Construction and engineering giant Balfour Beatty has announced a "resilient set of results" for the financial year covering the 12 months to 31 December 2010.

Balfour said pre-tax profit had increased by 20% to £319m last year compared with £265m in 2009. The firm also said it had a record order book of £15.2bn, a rise of 8% on the figure in 2009 of £14.1bn.

Ian Tyler, chief executive, said: "We are pleased with the resilient set of results achieved in challenging market conditions in a number of our major markets."

Balfour recently agreed financial terms for a £48m North West Fire & Rescue Services public private partnership project.

The 25-year concession will involve the design, construction, funding and provision of facilities management for 16 community fire stations, of which seven are in Merseyside, five in Cumbria, and four in Lancashire.

Tyler added: "We have started 2011 with a record order book, a focus on cost and operational delivery and the intention to generate additional profits from PPP asset disposals."

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