Business
BALFOUR BEATTY 2023 FULL YEAR RESULTS
BALFOUR BEATTY 2023 FULL YEAR RESULTS.
About this update from Balfour Beatty Plc
[{"type":"text","content":"\n\n \n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\nBALFOUR BEATTY PLC RESULTS FOR THE FULL YEAR ENDED 31 DECEMBER 2023\n13 March 2024 \n \nSolid performance with expectations delivered\nOperational momentum with immediate and mid-term opportunities\n \nLeo Quinn, Balfour Beatty Group Chief Executive, said: \"The Group's reliability and resilience has again delivered a solid performance, with increased revenue and profit from our earnings-based businesses and strong operating cash flow. This success against a challenging economic backdrop is driven by our disciplined contract risk management across a geographically and operationally diversified portfolio.\n\"The Board remains confident in Balfour Beatty's ongoing ability to deliver sustainable cash generation for significant shareholder returns, with growth from our earnings-based businesses in 2024 underpinned by the strength of the Group's order book. Looking to 2025 and beyond, we expect our unique capabilities and complex infrastructure project experience to drive further earnings growth, with attractive opportunities being pursued in the UK energy, transport and defence markets and in the US.\" \nSolid performance with continuing momentum from earnings-based businesses\n· Revenue up 7% to £9.6 billion (2022: £8.9 billion)\n· Underlying profit from operations (PFO) from earnings-based businesses up 2% to £236 million (2022: £232 million)\n· Underlying profit before tax down 10%, due predominantly to lower gains on investment disposals as guided\n· Underlying EPS of 37.3p down 21%: £55 million increase in tax charge, following £56 million credit recognised in 2022 \nResilience against economic challenges, with diversified portfolio providing stability \n· Construction Services: PFO up 5% to £156 million (2022: £149 million)\n· Support Services: PFO margin of 8.0% (2022: 8.4%) at top of 6-8% targeted ran...