Underlying profit margins at Balfour Beatty’s UK Construction business improved to 2.3% from 2% last time during the first half of this year.
Revenue dipped slightly at the division to £1.46bn from £1.5bn as profit from underlying operations rose to £34m from £30m.
Balfour blamed lower revenues on lower volumes from the nuclear new build project at Hinkley Point C as the the UK Construction order book remained flat at £6.1bn.
Overall group pre-tax profits edged-up to £98m for the six months to June 28 2024 from £97m last time from turnover up to £4.7bn from £4.5bn.
Leo Quinn, Balfour Beatty Group Chief Executive, said: “The Group’s earnings-based businesses have continued their growth trajectory in the first half of 2024, driving an increase in Group profitability and cash generation, and making great strides in securing the work that will drive further profitable growth in 2025 and beyond.
“The outlook for the Group’s chosen growth markets, where we hold unique capabilities in delivering complex infrastructure projects, remains encouraging, including in the UK with the new Government reinforcing commitments to critical national infrastructure. Balfour Beatty’s prospects across these markets provide the Board with confidence that the Group will continue to deliver significant and attractive shareholder returns in the coming years.”
