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    Howard Seymour

    Research Analyst at Numis

    Howard Seymour is Director of Investment Banking at Numis Securities, specializing in building, construction, and related sectors with a career focused on both investment banking and equity research. He has provided coverage for major companies such as Wolseley and Balfour Beatty, recognized in the industry for his insightful analysis and valuation perspectives that have guided investor and corporate decisions. Seymour began his career as an Equities Building Analyst at Kitcat & Aitken in 1986 and subsequently led building research teams at UBS, Barclays Corporate & Investment Bank, and ABN AMRO, later founding the equities business at Bridgewell before joining Numis in 2008, where he advanced from Head of Building Research to Director of Research and now Director of Investment Banking. He holds a BA in Economics from Newcastle University and a PhD in Economics from the University of Reading, and is known for his leadership and deep expertise within UK building and construction equities research.

    Howard Seymour's questions to Balfour Beatty plc/ADR (BAFBF) leadership

    Howard Seymour's questions to Balfour Beatty plc/ADR (BAFBF) leadership • FY 2016

    Question

    Howard Seymour from Numis inquired about the investment pipeline over the next few years and its potential for lumpiness, and also asked if the path to achieving industry-standard margins would be linear or skewed towards the end of the period.

    Answer

    CEO Leo Quinn confirmed that the investments business is inherently lumpy due to deal-based activity but has a significant pipeline with a lot of activity expected in the next six months. CFO Phil Harrison clarified that margin improvement will be progressive, with a more significant ramp-up in 2018 as existing lower-margin contracts trade out during 2017.

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    Howard Seymour's questions to Balfour Beatty plc/ADR (BAFBF) leadership • Q2 2016

    Question

    Howard Seymour from Numis questioned the changes in the U.S. business, asking if they were part of the original Build to Last program and when to expect cost benefits. He also inquired about the potential growth speed of the rail business and the government's reception of the company's recent infrastructure report.

    Answer

    CEO Leo Quinn confirmed the U.S. changes were a planned phase of the global Build to Last program, with benefits expected from better execution and standardization rather than large-scale cost cuts. On rail, he stated that Balfour Beatty has the expertise to grow but will only do so under sensible contracting terms. He positioned the infrastructure report as a frank analysis of the UK's needs rather than a direct lobbying effort.

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