Balfour Beatty Group has announced a 58% increase in pre-tax profits, alongside a 10% rise in the value of its order book, in its latest half-year results.
The company recorded pre-tax profit of £83m for the half year ending 1 July 2022, compared with £35m for the same period last year. Underlying profit from operations was £85m, up 42% on the figure of £60m a year ago.
Revenue was £4,147m, slightly down on the figure of 4,154 for the equivalent period in 2021.
The company described this as a ‘strong financial performance’ and said its board had upgraded expectations for the full year.
The group’s order book was valued at £17.7bn, up 10% on the figure of £16.1bn at the end of the first half of 2021.
Group chief executive Leo Quinn said: ‘With the Group well-positioned to capitalise on the growing infrastructure market, underpinned by its unique capability and balance sheet strength, the upgrade to the full year performance gives the Board further confidence in future capital returns.’
The group carries out road, rail and other construction projects, as well as highways and public realm term services under its Balfour Beatty Living Places brand.
This week it was announced that it had been shortlisted in three categories for the Highways Awards.
It was also among the first construction companies in the UK to roll out automated cone laying machines across its highway operations.
