Balfour continues construction savings

Contractor Balfour Beatty has published its third quarter interim management statement, with its UK construction business still struggling – although there is no new profit warning.

The firm has issued a number of warnings that profits would fall below expectations this year, due in large part to the under-performance of its UK construction business.

However, its statement confirmed that it will continue to look to make savings in the division through “further overhead reductions and additional supply chain savings”.

Meanwhile, the firm said its support services and infrastructure investments divisions are continuing to perform as expected, and the group’s overall order book stands at £11.7bn, flat from the half-year figures.

Balfour also confirmed that its new chief executive, Leo Quinn, will be in post from 1 January 2015.