BALFOUR Beatty has reported a 7% rise in revenue to £9.6 billion in its full-year results for 2023.
Underlying profit from operations from earnings-based businesses is up 2% to £236 million. Underlying pre-tax profit before tax is down 10% to £261 million, which the group attributed predominantly to lower gains on investment disposals as guided.
Balfour Beatty revealed a 10% increase in recommended full year dividend at 11.5 pence per share. Average net cash was £700 million compared with £804 million in 2022.
The business revealed that earnings growth in the current year is underpinned by a £16.5 billion order book.
Group chief executive Leo Quinn said, “The group’s reliability and resilience has again delivered a solid performance, with increased revenue and profit from our earnings-based businesses and strong operating cash flow. This success against a challenging economic backdrop is driven by our disciplined contract risk management across a geographically and operationally diversified portfolio.
“The board remains confident in Balfour Beatty’s ongoing ability to deliver sustainable cash generation for significant shareholder returns, with growth from our earnings-based businesses in 2024 underpinned by the strength of the group’s order book. Looking to 2025 and beyond, we expect our unique capabilities and complex infrastructure project experience to drive further earnings growth, with attractive opportunities being pursued in the UK energy, transport and defence markets and in the US.”
