Balfour Beatty said this week it did not expect the Tube public–private partnership deal to reach financial close until November.
Chief executive Mike Welton said the group, which is part of the Metronet consortium that will take over two of three sets of lines on the London Underground, had to wait for a decision on the PPP from the European Commission.

The decision is due to be published on 3 October. Welton added that it would then take about a month to finalise finance for the scheme.

Welton spoke as Balfour posted a pre-tax profit of £48m for the six months to 29 June, up 17% on the same period last year. Turnover grew by £249m to £1.68bn.

Balfour’s operating profit fell slightly in its building division, which reported a profit of £21m compared with £22m last year.