BUILDING UP WORKFORCE
The boss of construction giant Balfour Beatty yesterday pledged to hire 7,500 new workers over the next three years.
Leo Quinn vowed to hike its UK workforce by 50% from its current level of 15,000 if the Government presses ahead with a number of big building projects.
They are the so-called four Hs – the HS2 rail line, Hinkley Point C nuclear power plant, Heathrow Airport expansion and more road building for the Highways Agency. Quinn reckons they will progress, regardless of what happens with Brexit.
“We think the future is very, very bright but it just needs some decisions to be made,” he said.
His comments came as Balfour’s turnaround plan paid off, with annual profits up 10% to £181million, while its order book jumped to £12.6billion.
Revenues dropped to £7.8bn, as expected, as the firm only takes on projects that make financial sense.
The battle to bid for work at any cost contributed to rival Carillion’s collapse, while Interserve faces a make-or-break vote for its own survival this Friday.
Despite the improvement, Balfour’s profit margin in its UK construction arm is still a weedy 2.5%. The company’s aim is to double that figure to 5%.