£17.7bn order book insulates Balfour Beatty
A strong order book, diverse markets and effective control of inflationary pressures give the directors of Balfour Beatty confidence despite the turbulent economic times.
Balfour Beatty today posted half-year results showing a strong improvement in profits and an order book worth £17.7bn.
In the UK, Balfour Beatty has a construction order book worth £5.8bn. The value of the US order book is even higher, at £6.3bn.
Revenue for the first six months of 2022 was £4,147m, down less than 0.2% on last year’s £4,154m.
Half-year pre-tax profit was up nearly 140% to £83m, compared to £35m in the first half of 2021.
Underlying operating profit was up 42% at £85m (2021: £60m).
Helped by involvement in the UK’s three biggest infrastructure projects – HS2, Hinkley Point C and Thames Tideway – Balfour Beatty’s UK Construction business has returned to profitability, making an £18m underlying operating profit, compared to a £23m loss last time. The 2021 H1 result was impaired by write-downs on private sector property projects in central London.
Revenue from UK Construction Services was down 2%, however, at £1,237m due to the deferral of a number of highway projects.