Balfour Beatty agrees sale of Blackpool Airport

Infrastructure company Balfour Beatty announced has reached an agreement with Blackpool Council to offload its majority interest in Blackpool Airport, one of Britain's first aviation sites.

The group agreed to sell its 95% stake in the airport back to the council for £4.25m, with a spokesperson saying the sale "further simplifies the portfolio, in line with the group's strategy."

Balfour underwent significant restructuring after a new directorial team joined the firm in 2015, fending off a takeover attempt by rival Carillon, issuing seven profit warnings and finally returning to profit last year after two and a half turbulent years as a result of its 'Built to Last' turnaround plan.

The company, which currently holds contracts for the Crossrail, HS2 and Hinkley Point, reported a pre-tax profit of £12m for its first half of trading up from its £15m loss as of 30 June 2016.

As of 0815 BST on Wednesday, Balfour Beatty shares remained steady, down just 0.04% to 263.60p.