Domestic construction income rose 23% in the first half of the year

Profits were flat at Britain’s biggest contractor in the first half of this year, despite revenue growth. 

Balfour Beatty’s half-year results for 2023, published this morning, saw revenue hit £4.5bn, up 9% from the same period in 2022. 

Balfour Beatty

Pre-tax profits stood at £82m, marginally down from the £83m recorded the year prior. 

Chief executive, Leo Quinn, said Balfour the financial results were underpinned by the “scale and breadth of our lower risk order book”, which he said had helped the business weather high inflation and interest rates. 

“Looking beyond 2023, we have positioned Balfour Beatty strongly with unique capabilities and a sector-leading balance sheet, to capitalise on national plans to transform critical infrastructure, particularly in the energy and transport markets,” he added. 

>> UK boom helps Balfour Beatty income grow to £9bn 

The firm’s UK construction business was a strong performer, posting income of £1.5bn and operational profit of £30m, respectively up 23% and 67% on 2021. 

Balfour currently has an order book worth £16.4bn and anticipates its operational profit for the full year to be broadly in line with 2022.