March 13, 2019 / 7:39 AM / 6 months ago

Balfour Beatty posts higher 2018 profit as turnaround plan pays off

March 13 (Reuters) - Balfour Beatty Plc’s 2018 profit jumped 9.7 percent as the London-listed construction group’s turnaround plan paid off and it selected contracts more carefully in the wake of peer Carillion’s collapse last year.

Underlying pretax profit climbed to 181 million pounds for 2018 from 165 million pounds, the company said on Wednesday, adding that margins across the United States and the UK came in above its target in the second half of the year.

The mid-cap company said it was working with industry bodies and the British government to identify and manage any challenges that could arise from Brexit. It also said it had contingency plans in place to ensure it can continue to deliver on current and future work commitments. (Reporting by Muvija M in Bengaluru; Editing by Subhranshu Sahu)

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