Balfour Beatty PLC has released its 2024 half-year results, showcasing continued growth and earnings. The company's earnings-based businesses have experienced a 3% increase in revenue, reaching £4.7 billion, with underlying profit from operations (PFO) rising by 6% to £101 million. Despite a 4% decrease in underlying Group PFO to £77 million due to increased Infrastructure Investments costs, the underlying earnings per share (EPS) surged by 18% to 15.3 pence per share.
The company's diversified portfolio has contributed to consistency and earnings growth, with Construction Services' PFO increasing by 3% to £67 million, Support Services' PFO rising by 13% to £34 million, and Infrastructure Investments reporting a £7 million loss in the first half. Balfour Beatty has also seen significant momentum in growth markets, securing material new work with key customers such as SSEN, National Grid, BP, and Rolls-Royce, resulting in a £16.6 billion order book.
The company's balance sheet and cash flow strength remain robust, with an average net cash of £735 million and a 5% increase in the Directors' valuation of the Investments portfolio to £1.3 billion. Balfour Beatty has increased its half-year dividend by 9% to 3.8 pence per share and is on track to complete a £100 million share buyback in the year.
Balfour Beatty's CEO, Leo Quinn, expressed confidence in the company's future, stating, "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."
The company will be presenting its results to investors and analysts at Deutsche Numis, London, and a live webcast will be available. Balfour Beatty is a leading international infrastructure group with over 26,000 employees, focusing on financing, developing, building, maintaining, and operating critical infrastructure projects globally.