UK Construction division helps Balfour Beatty record strong first six months
Balfour Beatty said today the company is on track to meet its full year expectations following a strong first half performance from its earnings-based businesses.
Across the group, revenue rose 9% to £4.5 billion, compared to £4.1bn during the same period in 2022, delivering an £82 million pre-tax profit, which was level with the previous year.
Underlying profit from operations (PFO) from earnings-based businesses up 12% to £95m (2022: £85m), with UK Construction lifting profits by two-thirds to £30m from revenue up 22% to £1.5bn.
Balfour Beatty said its short to medium-term outlook was underpinned by a £16.4bn order book and a growing pipeline provided confidence for the long term outlook.
Leo Quinn, Balfour Beatty group chief executive, said: “We continue to deliver from the scale and breadth of our lower risk order book, which, during this period of high inflation and interest rates, underpins the financial results reported today and our expectations for the full year.
“Looking beyond 2023, we have positioned Balfour Beatty strongly with unique capabilities and a sector-leading balance sheet, to capitalise on national plans to transform critical infrastructure, particularly in the energy and transport markets. This provides the Board with confidence in both profitable managed growth and in our capacity to deliver significant future shareholder returns.”