Balfour Beatty has published a company trading update outlining its progress since the start of January.

The group saw an average monthly net cash position of £756 million over the first three months of the new year, up from £700 million in FY2023 which closed at £842 million.
The Board expects average cash in FY2024 to be roughly in line with the prior year, reflecting an expected working capital outflow.
It also expects its £100 million share buyback scheme to complete by the end of the year, with approximately £50 million returned to date.
Revenue of £10 billion
The update comes shortly after the group recently announced it 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 last year of £16.5 billion (FY2022: £17.4 billion), with its US arm responsible for £5.6 billion and £2 billion in Hong Kong.
Major wins in 2024
The business also announced in a trading update this week, it has been picked by Rolls-Royce as a construction partner for its reactor manufacturing facility in Derby.
As part of the package of works, which will be delivered in stages over the next eight years, Balfour will construct infrastructure enabling works, new manufacturing and office facilities, and redevelop existing industrial buildings on site.
The expansion work in Raynesway will increase Rolls-Royce’s capacity to build reactor components for nuclear submarines.
It follows other major wins for the contractor this year that include BP and Equinor’s £4 billion Net Zero Teesside Power project alongside Technip Energies, GE Vernova and Costain; and works starting on Scottish and Southern Electricity Networks’ (SSEN) Accelerated Strategic Transmission Investment (ASTI) framework valued at £10 billion.
“The Group’s trading over the period has been in line with expectations and the Board continues to expect an increase in profit from operations from its earnings-based businesses and an increase in Group earnings in 2024,” said the company.
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