Balfour Beatty has appointed a new managing director (MD) of its UK rail business.
Richard Watts will join Balfour Beatty later this year, before formally assuming the role of MD of the rail division in January 2026.
He will succeed Mick Rayner, who has worked at Balfour Beatty for nearly three decades.
Rayner will continue in his current role until the end of the year, before taking up a part-time senior advisory position, while supporting the UK rail business.
Watts’ former role was rail sector director for BAM Nuttall where he led national frameworks delivery, as well as for BAM’s highways operations.
Prior to that, he held senior leadership roles at TXM Plant, HS2 Limited, Colas Rail, and Network Rail, and his career in the rail sector spans 20 years.
Watts said: “It is an honour to join the Balfour Beatty team at this pivotal time as Great British Railways begins to reshape the industry.
“I look forward to working with Mick and the strong team he has built to help grow and strengthen what is already a fantastic business as we deliver the next chapter of the UK’s rail network.”
Stephen Tarr, group sector lead – UK energy and divisional CEO of Balfour Beatty’s power transmission & distribution, rail and Balfour Beatty Kilpatrick businesses, added: “Richard’s experience and in-depth knowledge of major rail project delivery will continue to drive our rail business forward, whilst ensuring safe, high-quality projects for rail users across the UK.”
During the first three months of the year, Balfour Beatty’s balance sheet showed the business had an average monthly net cash position of more than £1 billion.
For the same period in 2024, that figure was £766 million, before closing the year at £943 million.
Given this strong cash performance, Balfour Beatty’s executive Board expects average net cash this year to be in the range of £900 million – £1 billion.
In a trading update, issued 8 May, the company said it is on track to complete a £125 million share buyback scheme by the end of the year, with around £46 million distributed so far.
Was this interesting? Try: Mace separates contracting and consultancy businesses to set up standalone operation with Goldman Sachs
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.
