BALFOUR Beatty has delivered operating profits ‘ahead of expectations’.
The contractor has released its 2021 full-year results, which revealed a slight dip in total revenue from £8,593 million to £8,263 million.
Underlying profit from operations is up from £51 million to £197 million, with underlying pre-tax profits rising from £36 million to £187 million.
The order book stands at £16.1 billion compared to £16.4 billion the previous year. The business also reported a strong’ cash performance, with a full year average net cash at £671 million.
Leo Quinn, Balfour Beatty Group chief executive, said, “In 2021, despite the challenges presented by Covid-19, we have delivered operating profits ahead of expectations. Balfour Beatty emerges from the last two years with capabilities intact and a higher quality order book. Together these provide the visibility to deliver profitable managed growth and sustainable cash generation.
“With a transformed portfolio focused on favourable infrastructure markets across our chosen geographies and our sector leading balance sheet, we are confident of delivering significant future returns to shareholders.”
Balfour Beatty has also announced that Louise Hardy has been appointed as a non-executive director with effect from 1 April 2022. Louise has over 30 years of business and leadership experience in the construction and infrastructure industry.
A civil engineer by background, Hardy has held a range of senior roles at London Underground, Bechtel, Laing O’Rourke and as infrastructure director responsible for the portfolio of projects for the London 2012 Olympic Games. Her most recent executive appointment was European Project Excellence Director for AECOM.
Since then, Hardy has held a number of non-executive roles in the public sector and FTSE 250, including previously at Renew Holdings and Sirius Minerals. She is currently a non-executive director of Crest Nicholson, Genuit Group and Severfield.
Louise Hardy said, “I look forward to joining the board of Balfour Beatty and contributing my deep sector knowledge and technical expertise to support the group’s continuing success. Operating in favourable infrastructure markets, stimulated by strong government investment, Balfour Beatty provides an opportunity for exposure to the landmark infrastructure schemes across the UK, US and Hong Kong that first attracted me to this sector.”