Mr Wellington visited the group last week and came back with the impression that not only were prospects improving in the US, but also that the group would maintain its dividend, which means its shares will yield an attractive 8 per cent.
The effect of this was to put 17p on the price on Friday, leaving the shares at 334p. Worries persist, however, about Balfour Beatty's exposure to Eurotunnel as one of the members of the TML consortium building the Channel tunnel, and about the likelihood of a recovery in the UK construction industry. The outperformance is probably over.
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