BALFOUR Beatty has revealed it is on track to achieve full-year expectations after delivering the group’s financial results for the first half of 2024.
Revenue is up 3% to £4.7 billion compared with the same period in 2023, while underlying profit from operations (PFO) from earnings-based businesses has increased 6% to £101 million.
Underlying Group PFO of £77 million is down 4% compared with 12 months earlier, which Balfour Beatty attributed to increased infrastructure investments costs. Underlying EPS is up 18% to 15.3 pence per share.
Leo Quinn, Balfour Beatty group chief executive, said, “The group’s earnings-based businesses have continued their growth trajectory in the first half of 2024, driving an increase in group profitability and cash generation, and making great strides in securing the work that will drive further profitable growth in 2025 and beyond.
“The outlook for the group’s chosen growth markets, where we hold unique capabilities in delivering complex infrastructure projects, remains encouraging, including in the UK with the new government reinforcing commitments to critical national infrastructure. Balfour Beatty’s prospects across these markets provide the board with confidence that the gGroup will continue to deliver significant and attractive shareholder returns in the coming years.”
