Balfour Beatty has announced a strong performance in its latest financial results for the first half of 2019, with the company confidently predicting it is on track to deliver a full year performance in line with market expectations.

The firm’s underlying profit from operations (PFO) increased 9% to £72m, compared to £66m in 2018, and other highlights include:

• PFO from earnings-based businesses increased 29% to £63m (2018: £49m);  
• Significant increase in average net cash at £290m (2018: £161m);
• Increasing full year average net cash guidance range by £50m to £280-£300m;
• Order book increased 5% to £13.2bn (FY 2018: £12.6bn);
• Strong balance sheet, underpinned by £1.2bn investments portfolio;
• Interim dividend payment up 31% to 2.1p (2018: 1.6p);

Leo Quinn, group chief executive, said: “This is another strong set of results – increasing profits backed by a strong cash performance, plus carefully managed growth in our order book. Today, the group’s geographic and operational diversity underpins our risk management, with over 50% of our business and investments portfolio assets outside the UK. Combined with the strength of our balance sheet and cash flows, this positions Balfour Beatty to create and return future value to shareholders.”