UK construction margins edge-up at Balfour Beatty

Grant Prior 8 months ago
Share

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.”

Latest news

Comment: Gateway is acting like a barricade

Contractors left banging their heads on an (unbuilt) brick wall
16 hours ago

Final phase of £1.5bn Elephant and Castle revamp hits planning

Get Living submits revised plan for 500 homes and 450-bed student block
2 days ago

Ealing backs final phase of £1.3bn estate rebuild

Friary Park estate rebuild in Acton reaches end stage
15 hours ago

Green light for scaled-down Nottingham student tower

Glasshouse Street scheme will deliver 247 student rooms
16 hours ago

Aston Villa to revamp North Stand

Club to reuse existing structure rather than complete rebuild
1 day ago

Mace signs ex-ISG director to lead Euro health and tech push

Gary Sweeney to head up healthcare and life sciences consultancy arm
15 hours ago

Sir Robert McAlpine claws way back into profit

Firm says return to profit and strong cash balance validates new strategy
2 days ago

Severfield to cut staff by 6% amid pricing pressure

Steelwork contractor warns of extended tighter pricing due to project delays
2 days ago

JRL completes sale of 50% stake to Malaysian giant IJM

Deal boosts balance sheet and kicks starts growth plan
2 days ago

Green light for £100m Liverpool Baltic station build

Enabling highway works to start in the autumn
2 days ago

First live tests for flying construction robots

Drones can lay construction materials at height on site
2 days ago

Three firms land £170m Gentoo Sunderland housing deal

PHS Solutions, Esh and RE:GEN to deliver 10-year home upgrade plan
2 days ago

Gateway gridlock hits build-to-rent delivery as starts nosedive

Build to rent starts plunge 18% in the capital
3 days ago

Call to shift Gateway 2 checks to end building bottleneck

"The current system isn't working but we all want to see safe buildings"
3 days ago

GBN launches £600m bid race for SMR engineer roles

Owner engineers to provide technical and assurance services
3 days ago

Wates hires ex-Homes England chief to head public sector push

Robert Stone to spearhead its public sector and national frameworks strategy
3 days ago

Acheson Construction collapse costs suppliers £8.5m

One frustrated creditor seized a telehandler after contractor went into administration
3 days ago

Dominus wins go-ahead for 173-bed Glasgow scheme

Old Wynd Street job expected to cost around £25m to build
3 days ago

Safety Regulator misses deadline to clear Gateway 2 backlog

Investors pulling out of funding high rise buildings
4 days ago

CITB still sitting on £95m cash pile

Staff numbers jump from 666 to 763 as training body wage bill soars
4 days ago

£500m road surfacing framework market call

NEPO goes out to consultation on north east regional highways deal
4 days ago

Two share £220m Scottish rail repairs and minor works deal

AmcoGiffen and CPMS win civils and building repair deals
4 days ago

Builder wanted for £60m London leisure and flats job

Tower Hamlets aims to replace St George’s Leisure Centre in Shadwell
4 days ago

Contractor confirmed for business park expansion

Roe Developments to start on next phase of Castle Donington scheme
4 days ago

Driver escapes injury as scaffold collapses onto van

Major three-lift scaffold fall blocks north London high street
1 week ago

Gilbert Ash to be sold to staff

£267m turnover contractor to transition to an Employee Ownership Trust
1 week ago

M Group seals biggest-ever deal with Telent takeover

Digital infrastructure specialist deal lifts turnover to £3bn
1 week ago

Aggregates firm Ashville went down owing more than £3m

Debts revealed in Companies House update
1 week ago

Cardo saves 100 jobs at Breyer roofing arm

Private equity-backed Welsh maintenance group continues to expand
1 week ago

Excavator knocked off lorry going under bridge

Traffic Commissioner inquiry after accident in south London
1 week ago

Contractor services