Balfour Beatty’s H1 pre-tax profit rose as costs fell

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By Anthony O. Goriainoff

 

Balfour Beatty PLC said on Wednesday that pre-tax profit for the first half of the 2023 financial year increased due to lower costs, and for the full 2022 calendar year its UK construction division is expected to offer standard margins of the industry in the range of 2 to 3%.

Infrastructure group FTSE-250 said for the six months to July 1, pre-tax profit was £83 million ($100.4 million) compared to £35 million for the first half of the year. fiscal year 2022.

Revenue fell slightly to £3.60 billion from £3.61 billion the previous year.

Underlying operating profit – one of the company’s preferred measures, which excludes exceptional and other one-off items – was £85m, down from £60m the previous year.

The board declared an interim dividend of 3.5 pence per share compared to 3.0 pence per share the previous year.

The company said UK construction returned to profit in the period following writedowns of private sector property projects in central London in the first half of 2021, with US Construction, Gammon – its joint venture with Jardine Matheson Holdings Ltd. – and Infrastructure Investments performing in line with expectations.

“With Balfour Beatty’s business well positioned in markets offering excellent opportunities, supported by the strength of its balance sheet and investment portfolio, the Board of Directors expects to deliver profitable managed growth and returns important to shareholders in 2023,” the company said.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswire

August 17, 2022 03:23 ET (07:23 GMT)

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