Balfour Beatty have published their half year report, highlighting good results in the first half of 2024 from 2023
Balfour Beatty’s half year report shows a promising start to 2024, with strong results and increases on most spectrums.
Balfour Beatty are up in most metrics
Balfour Beatty’s half year report shows that revenue is up by 3%, from £4.5bn in 2023 to £4.7. Likewise, underlying profit from operations is up by 6%, from 2023’s £95m to £101m.
One highlight of the report is how a diversified portfolio is increasing their revenue, with construction services up by 3% (£67m), support services up by 13% (£34), and infrastructure investments forecast to make a net gain of £13-23m.
Another highlight is the investments and partnerships made within growth markets. Examples include working with SSEN, National Grid, BP, and Rolls Royce. The current Balfour Beatty orderbook sits at £16.6bn, up from the £16.5bn in 2023.
The costs of infrastructure investments are attributed for being 4% down on underlying group profit from operations, from £80m in 2023 to £77m in the first half of 2024.
The report says: “Given the Group’s strong order book, the opportunities in the energy, transport and defence sectors in the UK and the Group’s chosen buildings sectors in the US, and its competitive strengths, the Board has confidence in its capacity to deliver significant and attractive future shareholder returns.”
Balfour Beatty’s half year report “remains encouraging”
Leo Quinn, Balfour Beatty group chief executive, commented on the half year report: “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 group will continue to deliver significant and attractive shareholder returns in the coming years.”
