Balfour Beatty Group are reporting a solid performance from earnings-based businesses with the publication of its full year results for the full year ended 31 December 2023 - revenue was up 7% to £9.6 billion compared to £8.9 billion in 2022.
Commenting on the results, Leo Quinn, Balfour Beatty Group Chief Executive, said:
“The Group’s reliability and resilience has again delivered a solid performance, with increased revenue and profit from our earnings-based businesses and strong operating cash flow. This success against a challenging economic backdrop is driven by our disciplined contract risk management across a geographically and operationally diversified portfolio.
“The Board remains confident in Balfour Beatty’s ongoing ability to deliver sustainable cash generation for significant shareholder returns, with growth from our earnings-based businesses in 2024 underpinned by the strength of the Group’s order book. Looking to 2025 and beyond, we expect our unique capabilities and complex infrastructure project experience to drive further earnings growth, with attractive opportunities being pursued in the UK energy, transport and defence markets and in the US.”
Key financial highlights include:
Underlying profit from operations (PFO) from earnings-based businesses up 2% to £236 million (2022: £232 million)
Underlying profit before tax down 10%, due predominantly to lower gains on investment disposals as guided
Underlying EPS of 37.3p down 21%: £55 million increase in tax charge, following £56 million credit recognised in 2022
in its divisions, results include:
Construction Services: PFO up 5% to £156 million (2022: £149 million)
Support Services: PFO margin of 8.0% (2022: 8.4%) at top of 6-8% targeted range
Infrastructure Investments: £1.2 billion Directors’ valuation (2022: £1.3billion) impacted by exchange and discount rates
The Group is proposing a 10% increase in the recommended full year dividend at 11.5 pence per share (2022: 10.5 pence per share). Balfour Beatty has also commenced a £100 million share buyback for 2024, with total expected cash returns of c.£160 million (2023: £208 million)
Earnings growth in current year 2025 is underpinned by a £16.5 billion order book (2022: £17.4 billion), with
earnings growth predicted to accelerate in 2025, driven by energy, transport and defence in UK and buildings in US
Balfour Beatty said that continued shareholder returns were supported by consistent cash generation and balance sheet strength.
Sulzer has launched a new global Center of Excellence (CoE) for Water Treatment Solutions - the CoE consolidates Sulzer’s wastewater treatment expertise in a unified and global manner.
“SAS (Surplus Activated Sludge) is a bit weird and 
Owen Mace has taken over as Director of the British Plastics Federation (BPF) Plastic Pipes Group on the retirement of Caroline Ayres. He was previously Standards and Technical Manager for the group.
PureTec Separations, the Ledbury-based water treatment engineering firm, has appointed Dan Norman as its new Sales Manager – Water Process Systems, supporting the company’s continued growth in the UK and international markets.
Hear how Scottish Water has completed its £235 million Ayrshire Glasgow Resilience Project - customers across Greater Glasgow, Ayrshire and East Renfrewshire will now benefit from a more secure and resilient water supply.
Hear how United Utilities is accelerating its investment to reduce spills from storm overflows across the Northwest.
Find out more about the remarkable career opportunities on offer at WSP - scroll down to watch the inspirational video.