BALFOUR Beatty has hailed a ‘strong’ first half of the year performance from its earnings-based businesses, which has seen revenue increase by 9% to £4.5 billion compared with the same period last year.
Underlying profit from operations (PFO) from earnings-based businesses is up 12% to £95 million, while group PFO is down 6% due to the timing of disposals and lower infrastructure investments profit.
Underlying profit before tax is up 13% and underlying EPS has risen to 13 pence per share compared to 12.9 pence last year.
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.”
