Infrastructure giant, Balfour Beatty plc (BBY.L) today released news detailing the results of a longstanding dispute in its professional services division. The arbitration process found in Parsons Brinckerhoff’s favour on a number of matters, but the overall award of US$8 million is significantly lower than management expectations.
Overall, the contribution to the 2014 income statement is expected to be nil, which is £12 million lower than anticipated. Balfour Beatty expect to receive net cash in excess of US$20 million, primarily from the escrow account.
Balfour commenting in a statement said: “Finalisation of this process allows us to settle all outstanding matters on the escrow account established at the time of the Parsons Brinckerhoff acquisition, subject to final agreement with the previous owners.”
Infrastructure giant, Balfour Beatty plc (BBY.L) today released news detailing the results of a longstanding dispute in its professional services division. The arbitration process found in Parsons Brinckerhoff’s favour on a number of matters, but the overall award of US$8 million is significantly lower than management expectations.
Overall, the contribution to the 2014 income statement is expected to be nil, which is £12 million lower than anticipated. Balfour Beatty expect to receive net cash in excess of US$20 million, primarily from the escrow account.
Balfour commenting in a statement said: “Finalisation of this process allows us to settle all outstanding matters on the escrow account established at the time of the Parsons Brinckerhoff acquisition, subject to final agreement with the previous owners.”
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