The company met full‑year expectations for the fifth consecutive year, underpinned by profitable growth in its earnings‑based businesses.

Revenue rose 8%, driven by continued strength in UK power transmission and robust demand in the US buildings market. Underlying profit from operations increased 16% to £293m, while underlying earnings per share climbed 9% to 47.6p.

Across its diverse portfolio, the group reported progress on multiple fronts. UK Construction surpassed its 3% margin target a full year ahead of schedule, reflecting disciplined project selection and improved operational performance. In the US, strong results in the Buildings division were tempered by cost overruns on a single Civils project, where the company is pursuing recoveries.

Support Services delivered a standout year, with profit rising 31% to £122m and margins reaching 8.5%, fuelled by accelerating demand in power transmission. Infrastructure Investments posted £5m of profit, down from £35m the previous year, with the group expecting its monitorship to conclude in June 2026.

The balance sheet remains a central strength. Average net cash rose sharply to £1.2 billion, supported by strong cash generation. The Investments portfolio was valued at £1.1bn following £120m of disposals. Alongside the new £200 million share buyback, the board increased the full‑year dividend by 12% to 14 pence per share. The group also agreed its pension triennial valuation, enabling future defined benefit surpluses to partially fund defined contribution obligations.

Looking ahead, Balfour Beatty enters 2026 with what it describes as exceptional momentum. The order book has reached a record £22.7bn, up 23% year‑on‑year, including more than £3.5bn of new UK power generation projects. The pipeline remains strong, spanning major UK power transmission schemes, defence contracts and continued demand in US buildings. In the US, the $444m refinancing of the Fort Carson army base will unlock a major redevelopment programme, including around 400 new homes. The group expects further profitable growth in both 2026 and 2027.

Group chief executive Philip Hoare said he had been “truly impressed by the depth of talent across Balfour Beatty and the inherent strength of the Group” since joining in September. He highlighted the company’s disciplined approach to risk, its strong order book and its end‑to‑end delivery capabilities as key differentiators in markets experiencing unprecedented demand.

Hoare added that the business would continue to invest in its people and in technology to drive productivity and operational excellence. “Supported by a robust balance sheet and a resilient diverse business model, we are incredibly well positioned to respond to market dynamics, accelerate profitable growth, improve margins and drive value creation for our customers, communities, and shareholders,” he said.