Contractor reports £56m interim loss despite strong performance across rest of business

Balfour Beatty profit has been hit by the £103m write-down of its stake at Metronet.

Ian Tyler
Tyler: confident of good progress in 2nd half

The FTSE 250 contractor posted an interim pre-tax loss of £56m for the six months ended 30 June 2007. Without the write-down profit would have increased 36% to £76m.

Balfour Beatty reduced the value of its 20% stake at Metronet to zero in June.

The company announced that its order book had increased to a record £10.6bn. It said its US business had signed four contracts worth $730m (£367m).

Chairman Sir David John and chief executive Ian Tyler said: “With our workloads continuing to increase, projects progressing well and a full six months' contribution from Balfour Beatty Construction US, we anticipate further good progress in the second half of the year.”