Business
BALFOUR BEATTY PLC HALF YEAR RESULTS
BALFOUR BEATTY PLC HALF YEAR RESULTS.
About this update from Balfour Beatty Plc
[{"type":"text","content":"\n\n \nBALFOUR BEATTY PLC RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2023\n16 August 2023 \nStrong first half performance from earnings-based businesses\nOn track for full year expectations\n\nLeo Quinn, Balfour Beatty Group Chief Executive, said: \"We continue to deliver from the scale and breadth of our lower risk order book, which, during this period of high inflation and interest rates, underpins the financial results reported today and our expectations for the full year.\n\"Looking beyond 2023, we have positioned Balfour Beatty strongly with unique capabilities and a sector-leading balance sheet, to capitalise on national plans to transform critical infrastructure, particularly in the energy and transport markets. This provides the Board with confidence in both profitable managed growth and in our capacity to deliver significant future shareholder returns.\"\nStrong first half performance with continuing momentum from earnings-based businesses\n· Revenue up 9% to £4.5 billion (2022: £4.1 billion)\n· Underlying profit from operations (PFO) from earnings-based businesses up 12% to £95 million (2022: £85 million)\n· Group PFO down 6% due to timing of disposals and lower Infrastructure Investments profit\n· Underlying profit before tax up 13% and underlying EPS up to 13.0 pence per share (2022: 12.9 pence)\nGeographically and operationally diversified portfolio providing resilience \n· Construction Services: PFO up 33% to £65 million with margin increased to 1.7% (2022: 1.4%) \n· Support Services: PFO 17% lower with margins at 6.5% (2022: 7.2%), full year expected towards top of 6-8% range\n· Infrastructure Investments: Directors' valuation maintained at £1.3 billion (FY 2022: £1.3 billion)\nBalance sheet strength and consistent cash flow supporting shareholder returns \n· £150 million share ...