Order book in domestic market stands at more than £6bn

More work from HS2 and the scheme to build a new nuclear power station at Hinkley Point in Somerset helped send revenue at the country’s biggest contractor close to £9bn last year.

Balfour Beatty said income at its UK construction business increased by 7% to £2.8bn with profit from its home market coming in at £59m from a £2m loss last time – after it paid the price for problem jobs on London high-rise schemes.

The firm’s order book in the UK was up 9% to £6.1bn and Balfour said 95% of that figure was for the public sector and regulated industry clients.

Balfour Beatty

Revenue at the business was up 8% last year

Its US business remains its biggest with a revenue of £3.7bn, a rise of 9% on 2021, with profit up 14% to £58m. The firm’s order book was up 11% to £6bn.

Its support services business remains its most profitable with an £83m profit on income of £989m – although this was down from the £102m it made on revenue of £1bn in 2021 which Balfour said was down to pulling out of the gas and water sectors to concentrate on power, plant, road and rail maintenance.

Group revenue was up 8% to £8.9bn with pre-tax profit up from £87m to £287m. The firm’s order book was up 8% to £17bn. Average net cash at the year was £804m from £671m.