A look at the numbers behind Balfour Beatty’s half-year results, Interserve’s US-based EfW partner and the cost of replacement cladding on a Carillion development.
£251m – H1 losses at Interserve partner
B&W is delivering three EfW plants in the UK with Interserve at Dunbar, Margam and Rotherham. In its quarterly results released last week, the US company could not guarantee it would overcome its financial problems.
9% – Fall in Balfour’s H1 revenue
With the exception of H1 2017, Balfour’s half-year revenue has been on a steady downward trend for the past five years, falling from £3.54bn to £3.22bn in its latest accounts for the six months to 30 June 2018. However, Balfour Beatty’s interim results showed that its order book grew to £12.6bn as of 30 June, up from £11.4bn a year earlier.
50% – Carillion hospital cost hike
The government has confirmed it will directly fund the completion of the hospital project, after stakeholders decided against creating another PF2 arrangement to finish the work. Earlier this month Deloitte put the cost of completing the hospital through a contract procured by a public sector client at £319m; at the time of its collapse, Carillion had completed £205m of work.
317% – Balfour profit increase
Thecontractor revealed that revenue fell more than £300m year on year to £3.22bn in the first half of 2018, leaving the firm with a pre-tax margin of 1.6 per cent. Balfour paid down $45m (£35.4m) of US loans and redeemed £39m of its bonds, which increased net cash to £366m at the end of June compared with £161m 12 months earlier.
£1,156 – PwC’s highest hourly Carillion rate
PwC staff were paid an average of £356 an hour by the official receiver for their work on Carillion’s liquidation. Correspondence released by MPs’ joint inquiry revealed that the highest-earning PwC staff were their pension specialists, with those at partner level earning £1,156 an hour.
246 – Residents facing re-cladding costs
Leaseholders living in the buildings face huge costs to replace the combustible cladding on the 246-home development, and have urged the project’s original developer Countryside Properties to foot the bill. A Countryside spokesman said the NV Buildings had received all the relevant approvals when Carillion completed the project.