Balfour bucks industry gloom

INFRASTRUCTURE giant Balfour Beatty has unveiled rising profits and stronger margins despite the construction industry gloom.

The company, which builds power stations, roads, airports and railways, revealed a 5.1pc rise in profits to £123m for 2018 despite its sales slipping 4.1pc to £6.6bn. Chief executive Leo Quinn said this was down to a focus on winning more profitable contracts.

Its profits from construction services increased 32pc and debts have fallen by 40pc after it repaid £231m of convertible bonds. It is also proposing a full-year dividend of 4.8p per share, up from 3.6p in 2017.