Balfour Beatty PLC on Thursday said it expects full-year revenue to grow 5% year-on-year on increased HS2 volumes in the UK and higher airport activity in Hong Kong.

This would be an increase from the £8.9 billion generated in revenue in 2022, the London-based infrastructure construction firm said.

Additionally, Balfour expects underlying profit to be ‘broadly in line with the prior year’ at £232 million.

Meanwhile, the year-end order book is forecast to be ‘marginally higher’ than the £16.4 billion

reported last year, despite the government’s decision to cancel HS2 Phase 2, Balfour said, as it was yet to be contracted.

Looking ahead, it expects power orders to expand, as the industry ‘positions itself to deliver the infrastructure upgrades required to facilitate the UK Government’s Net Zero ambitions.’

Chief Executive Leo Quinn said: ‘Balfour Beatty’s solid performance has continued in the second half of the year and the board remains confident that the group will achieve our expectations for the full year.

‘We are pleased to confirm our fourth successive year of share buybacks in 2024, as our large order book, unique capabilities and balance sheet, provide a strong platform for continuing future shareholder returns.’

Shares Balfour Beatty were up 0.2% at 338.80 pence each in London on Thursday morning.

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