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Balfour Beatty 2021 half year results

18 August 2021

Re-iterating 2021 outlook; interim dividend up 43% compared to 2019

  • Financial and operational performance
    • Underlying profit from operations (PFO) at £60 million (2020: £14 million loss)
    • Strong Support Services performance also benefited from end of contract gains and exit from gas and water sector
    • Construction Services negatively impacted by private sector property projects in central London
    • Re-commenced Infrastructure Investments disposals; Directors’ valuation maintained at £1.1 billion (FY 2020: £1.1 billion)
    • Continued strong cash performance with average net cash at £611 million (FY 2020: £527 million)
  • Growing infrastructure markets
    • Group order book at £16.1 billion (FY 2020: £16.4bn); weighted to infrastructure; 80% with public sector & regulated clients
    • UK Construction order book at £6.2 billion driven by infrastructure projects; 90% with public sector & regulated clients
  • Sustainability
    • Building on its beyond net zero carbon by 2040 ambition, Group is now a signatory to the UN Race to Zero campaign
  • Shareholder returns
    • Purchased £99 million of £150 million 2021 share buyback programme in the first half of the year
    • Interim dividend at 3.0 pence, 43% higher than pre-pandemic level (2020: Nil; 2019: 2.1 pence)
  • Outlook
    • Re-iterating 2021 PFO outlook for earnings-based businesses to be in line with 2019
    • Support Services margin target range raised from 3-5% to 6-8%; increased Group expectations for 2022

(£ million unless otherwise specified)

HY 2021


HY 2020














Profit / (loss) from operations







Pre-tax profit / (loss)







Profit / (loss) for the period







Basic earnings / (loss) per share







Dividends per share














HY 2021


FY 2020


 HY 2020

Order book1,2






Directors' valuation of Investments portfolio






Net cash – recourse






Net cash – non-recourse3






Average net cash – recourse






Leo Quinn, Balfour Beatty Group Chief Executive, said: “We continue to reshape Balfour Beatty to play to its strengths. These include leading capability in markets where governments are committed to long-term infrastructure programmes.  It means choosing to exclude regions and sectors which cannot provide profitable, low risk growth, in favour of those that can.  Our priority is on executing our already strong order book which will drive attractive cash generation and returns.

“Today, we are substantially increasing our interim dividend on the pre-pandemic level and raising margin targets in Support Services.”

To read the announcement in full, please click here.


1 Including share of joint ventures and associates

2 Before non-underlying items (Note 8)

3 Non-recourse net borrowings are cash and debt that are ringfenced within certain infrastructure investments project companies

A reconciliation of the Group’s performance measures to its statutory results is provided in the Measuring our financial performance section


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Tel. +44 (0)7966 281635

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Notes to editors:

  • Balfour Beatty ( is a leading international infrastructure group with 26,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.  
  • We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities. 
  • Over the last 112 years we have created iconic buildings and infrastructure all over the world including: the £1.5 billion A14 improvement scheme - Britain’s biggest road project; Hong Kong’s HK$5.5 billion world-class harbour theatre project for the West Kowloon Cultural District Authority; and the 12.5 mile $429 million North Metro Commuter Rail line in Colorado, US.