Balfour Beatty’s Leo Quinn has said the industry needs “leadership and resistance” over low margins and for clients to be “more discerning”.
Balfour Beatty chief executive Leo Quinn has claimed the firm has the industry’s strongest balance sheet, thanks to its focus on cash generation.
Balfour Beatty posted its best results in five years today with a pre-tax profit of £117m in 2017 – up 1000 per cent on its 2016 result of £10m – on group revenue (minus JVs) of £6.92bn.
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Balfour Beatty: Features and analysis
The contractor top 50 increased more than 20 per cent year on year in February as Mace signed a single £400m deal to claim first place in the monthly league.
“Profit is not a dirty word, a contractor’s profit should be a reflection of the premium of the risk on the job.”
Leo Quinn was notably relaxed in front of analysts today – even smiling at one point – as he unveiled the work he is doing to steer Balfour Beatty’s continued turnaround.
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Contract wins among the top contractors grew by nearly a quarter in January year on year, led by Kier’s £595.1m haul.
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The boss of the UK’s biggest contractor reflects on his firm’s continued recovery and looks ahead optimistically to 2018.
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The apprenticeship levy was created to boost the number and quality of apprentices. I welcomed its creation.
A stand-out total of 30 contracts in just one month gave Kier top spot in the monthly league table for October, as the value of combined wins recovered from September’s crash.
The contractor top 50 came crashing back down to earth in September having hit unprecedented heights during the previous month thanks to HS2 wins.
Morgan Sindall has been forced off the summit of the annual contractor rankings after 11 consecutive periods, as HS2’s huge civils deals gave Balfour Beatty the monthly league title.
I was told recently by someone with connections to the current government that Whitehall officials believe contractors make too much money.
Balfour Beatty boss Leo Quinn sounded chipper this morning as he unveiled further evidence of a turnaround at the UK’s biggest contractor.
Tideway is the UK’s largest water project and is potentially worth more than £2.25bn to the three joint ventures currently tunnelling their way beneath the capital.
The depth of Carillion’s woes were laid bare in a profit warning this week which saw its share price halved by Tuesday morning.
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