Balfour Beatty Group has turned in a strong performance in its latest financial results.
Philip Harrison, chief financial officer (CFO), 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.”
The group delivered underlying revenue approaching £10 billion for the year ended 31 December 2023, up from £9 billion in FY2022, generating an underlying pre-tax profit of £261 million.
Balfour’s UK business was responsible for generating £8.9 billion of a group order book valuation of £16.5 billion (FY2022: £17.4 billion), with its US arm responsible for £5.6 billion and £2 billion in Hong Kong.
Under its “Build to Last” strategy, launched in 2015, the group is targeting £842 million in net cash against £815 million in FY2022, and an underlying profit from its operations of £228 million (FY2022: £280+ million).
The group’s directors’ valuation investments portfolio – the worth of investment assets of the company – was reported at £1.2 billion.
Group employee headcount at 31 December 2023 was 26,000 globally.
Group chief executive, Leo Quinn, said: “The group’s longer-term outlook remains positive, and the growth forecast in 2025 and beyond is driven by the opportunities in the energy, transport and defence sectors in the UK and the group’s chosen buildings sectors in the US.”
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