Balfour Beatty has reported a strong first half performance, with revenue up 9% to £4.5 billion and underlying profit from operations (PFO) from earnings-based businesses up 12% to £95 million. The company's construction services saw a PFO increase of 33% to £65 million, while support services saw a 17% decrease in PFO. Balfour Beatty's order book currently stands at £16.4 billion, and the company is on track to meet full year expectations. CEO Leo Quinn expressed confidence in the company's future, stating that they are well-positioned to capitalize on opportunities in the energy and transport markets.
The company's balance sheet remains strong, with an average net cash of £695 million. Balfour Beatty is also committed to shareholder returns, with a £150 million share buyback on track to complete in Q4 and £58 million of total dividends to be paid in 2023. The company's unique capabilities and large, lower risk order book give confidence for future returns. Balfour Beatty is on track to meet full year expectations, with earnings-based businesses PFO expected to be broadly in line with 2022. The company also has a growing pipeline, providing confidence for the long-term outlook.