- Balfour Beatty expects a positive impact from US tax reforms.

It said the reduction in US federal corporate income tax rates from 35% to 21% would lead to a reduction in the effective tax rate on US earnings from c.40% to c.26% in 2018 and beyond.

It said that as a result of this reduced tax rate on US assets the directors' valuation of the investments portfolio would increase by approximately £95 million.

It said that in addition, the group expects 2017 earnings will benefit from a non-underlying one-off non-cash credit from the revaluation of US deferred tax liabilities.

Based on the net deferred tax liabilities at the end of 2016 this credit is expected to be approximately £20m.

At 9:26am: [LON:BBY] Balfour Beatty PLC share price was +8.15p at 299.25p

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