Bechtel revenue and profits soar

Infrastructure engineering giant Bechtel saw its revenue and profits soar in a recent trading update, following a boost in overseas work.  

Turnover for the year ended 31 December 2023 was £267.7 million, a 53 per cent rise from the £175.1 million achieved in the previous financial period, generating a pre-tax profit of £22.4 million (FY2022: £3.5 million).        

The multi-national contractor, which is part of Bechtel Group, said the result was mainly due to the significant increase in the value of services it provided to certain overseas projects.  

“The company operates in global markets and its activities can be subject to a variety of economic risks in foreign markets which include impacts of foreign currency and inflationary pressures,” said Bechtel. 

“The global economy continues to be challenging with the ongoing conflicts in Ukraine and the Middle East and while these have no impact on the current operations, the company actively monitors the overall risk to minimise potential adverse effects on the company’s financial performance. 

“The company’s trading results are also affected by the volume of the business, which can vary significantly over time depending on when existing projects are completed and the company’s success in securing new projects.” 

At the year end, Bechtel’s balance sheet had net assets and total equity of £110 million, a marked increase on the £82.4 million recorded the year before, with cash reserves of £16.3 million, compared to £25.1 million in FY2022.  

“The company is financially sound with no external debt on its balance sheet,” said Bechtel. 

The business posted profit for the year of £20.4 million, a significant increase on the £1.3 million achieved in the prior trading period. 

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