Construction firm Balfour Beatty has raised its earnings and cash flow targets, reporting a 17 per cent increase in its order book to £22.9bn in the six months to June. Revenue for the period also grew by eight per cent to £5.6bn, according to the company.
The company attributed this revenue growth to increased demand in US housebuilding and the UK's power industry. Balfour Beatty, which works on major infrastructure projects with the government, saw its underlying profit rise by 42 per cent to £153m.
Phillip Hoare, the firm's chief executive, stated that Balfour Beatty "enters the second half with real momentum." The group's performance contrasts with a wider downturn in the UK construction sector, where housebuilders and material suppliers have reported rising costs and declining private-sector demand.
Balfour Beatty highlighted growth in the UK's energy, defence, and transport infrastructure sectors as key drivers for its revenue gains. The firm noted that these markets are supported by "strong funding commitments and enduring customer demand."