Balfour Beatty issues profit warning
Published: 09 November, 2012
LONDON: Balfour Beatty the country's biggest contractor issued a profit warning yesterday in the face of weaker than anticipated orders.
"As a result and based on the outturn for the third quarter, profitability in 2012 will be slightly lower than expected at the time of the half-year results."
Balfour said there has been a 'significant decline' in its order book as the number of major contracts has dried-up. "In the UK, we are seeing further market deterioration."
"Looking ahead, there is reduced visibility due to smaller projects and shorter lead times, but in the absence of an immediate improvement in these emerging market conditions, we expect further decline in activity levels and pressure on margins into 2013."