Updates from Balfour Beatty and Lonmin
The Dow Jones finished Friday 144 points down at 14,909. Asian trading today is hit by weak Chinese manufacturing data. %VIRTUAL-SkimlinksPromo%We commence the day Mark Carney takes over at the Bank of England with a Balfour Beatty update. The infrastructure group has announces the disposal of its 50% interest in the Salford Hospital PFI to a subsidiary of HICL Infrastructure Company Limited for £22 million.
This generates a £11.5 million gain, Balfour claims. The proceeds from the transaction, completed in June, exceed its valuation by £8.3 million it claims. "We have achieved £80.5 million of proceeds and £44.9 million of gains on PFI disposals so far this year," says Balfour boss Andrew McNaughton.
Balfour Beatty had its Hold rating reiterated by analysts at Deutsche Bank in a report issued at the end of last week.
Next, energy services group Hunting and a pre-close trading statement ahead of its 2013 half year numbers. Trading in the first six months of the year has been supported by activity in the Gulf of Mexico and oil-focused shale basin investment, it says.
"While global rig counts," says Hunting chief exec Dennis Proctor, "remain generally flat since the start of the year, Hunting's broad portfolio of products provides the opportunity to capture a significant proportion of revenue for every well drilled, whether onshore or offshore."
As a consequence of this, Hunting's Board remains "confident" of trading in line with expectations.
Lastly, miner Lonmin says its welcoming new chief exec, Ben Magara. Lonmin chairman Roger Phillimore says Magara brings a wealth of experience in mining. "I am delighted to be joining Lonmin," says Magara.
"I will be spending my initial weeks getting to know the Company but what is already clear to me is that Lonmin has excellent assets, and I look forward, with my management team, to identifying opportunities to optimise value for all our stakeholders."
However South Africa's Association of Mineworkers and Construction Union (Amcu) last week said it was intending to call action on recognition issues. Lonmin was hit badly by South African labour unrest in 2012.