Interim results from Balfour Beatty show improvement in UK performance offset by a loss in US construction, due to cancellation of a civils project in Texas.
For the six months to 27th June 2025, group revenue was up 10% at £5,150m (2024 H1: £4,677m). While underlying operating profit was flat at £77m, with a £7m increase from
the earnings-based businesses offset by a £3m increase in the Infrastructure Investments loss and a £4m increase in corporate activity costs.
However, pre-tax profit for the period was up 18% at £132m (2024 H1: £96m).
The UK construction business made an operating profit of £56m on revenue of £1,563, giving a margin of 3.6% (2024 H1: 2.3%), passing the board’s long-term target of 3% a year ahead of schedule.
The US construction business, by contrast, lost £11m on £2,087m revenue.
The support services operations also improved, with revenue up 19% to £662m and operating profit up 35% at £46m, with the margin growing from 6.1% last year to 6.9%.
“The group’s longer-term outlook remains positive,” the board said. “The acceleration of growth achieved by UK Construction and Support Services in the first half of the year further demonstrates the earnings potential of the group. When coupled with increasing opportunities in the four key growth markets it has positioned itself for – energy, transport and defence sectors in the UK and the US buildings market – the board continues to have confidence in Balfour Beatty’s ongoing ability to deliver profitable managed growth and strong cash generation, and in turn, sustainable and attractive shareholder returns.”
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