Balfour Beatty Shares Jump After Strong Half-Year Results and Upgraded Guidance

Shares in Balfour Beatty (LON: BBY) jumped on Wednesday morning after the infrastructure group posted strong half-year results and raised its full-year profit guidance, citing robust momentum across its earnings-based businesses.

For the six months ended 26 June 2026, the construction and infrastructure group reported revenue of £5.56 billion, up from £5.15 billion a year earlier, driven by rising demand in US Buildings and UK power transmission.

Underlying profit from operations rose to £119 million from £77 million, while underlying profit from its earnings-based businesses climbed to £153 million from £108 million. Underlying earnings per share increased to 21.7p, up from 14.4p in the prior-year period.

The improvement was broad-based: US Construction swung to a £22 million profit from an £11 million loss, helped by strong Buildings growth and reduced Civils losses, while Support Services profit rose to £66 million from £46 million on the back of power transmission growth. UK Construction margins eased slightly to 3.4% from 3.6%, excluding a one-off credit in 2025.

Balfour Beatty’s balance sheet also strengthened, with average net cash rising to £1,616 million from £1,212 million. The board lifted the interim dividend by 12% to 4.7p per share and completed £102 million of share buybacks during the half.

Buoyed by the performance, management upgraded full-year guidance, now expecting low double-digit percentage growth in earnings-based business profit, up from previous “high single-digit” guidance, alongside higher average net cash guidance of £1.5-£1.7 billion.

Chief Executive Philip Hoare said the company enters the second half with “real momentum,” supported by a £22.9 billion order book and strong operational execution, giving confidence in continued profitable growth and shareholder returns.