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Balfour Beatty PLC on Thursday said it will buy back more shares in 2025, and expects to deliver earnings growth this year. The London-based infrastructure construction contractor said it sees revenue growth around 2% from £9.60 billion in 2023. The company said it also expects profit after tax to be ahead of last year’s £205 million and market expectations, which it believes to be £209 million. It expects the order book to grow by over 5% in 2024, due to growth in the UK energy and US buildings markets. The company also said it intends to buy back further shares from January, and will confirm the amount for its 2025 share buyback programme at the firm’s full-year results in March. Balfour Beatty said it is encouraged in the medium-term by the UK government’s commitment to invest in infrastructure. The company said profit growth had been driven by support services, which is expected to deliver margins at the top of its target range between 6% and 8% as well as around 15% revenue growth. Chief Executive Leo Quinn said: ‘In 2024, the group has once again shown the benefit of the geographical and operational diversity of our portfolio, delivering an encouraging overall performance. As a result, we are on track to deliver earnings growth in 2024. ‘We are pleased to confirm our fifth successive year of share buybacks in 2025, as our large order book, unique capabilities and balance sheet provide a strong platform for continuing future shareholder returns.’ Shares in Balfour Beatty were up 0.4% to 454.06 pence each in London on Thursday morning. Its shares are 37% higher in the last 12 months. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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