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Balfour breaks £7bn figure

Balfour Beatty cemented its status as Britain’s biggest builder by adding nearly £2 billion to its turnover last year.

Revenues at the firm in 2007 smashed the £7 billion barrier to end up at just under £7.5 billion, a one third rise on last time.

Its building, building management and services division accounted for £3.5 billion of 2007 turnover while its civils and specialist engineering business weighed with a further £2.1 billion.

The growth in turnover was outstripped by the rise profits which jumped 44 per cent to £157 million. Underlying profits – before exceptional items and amortisation costs – rose 48 per cent to £201 million.

The company said it had achieved its ambition of becoming a major player in the US market and this morning announced it had won over $1.2 billion of major new work in the country.

It includes carrying out work on a medical centre for the US Navy at a base in Maryland and building a 35-storey tower at a hotel in Orlando, Florida.

Balfour Beatty’s order book stands at a record £11.4 billion and chief executive Ian Tyler said: “2007 was a very good year for the Group both in terms of financial performance and progress made in pursuing our medium and long-term strategic objectives.”