Balfour Beatty chief executive Leo Quinn has hailed the group's "transformation into a well-balanced and lower-risk group" after reporting a ￡287m profit for 2022 - an increase of 53 per cent from ￡187m in 2021. Turnover rose by 8 per cent to reach ￡8.93bn from ￡8.26bn. Balfour Beatty had a 3.2 per cent profit margin in 2022, up from 2.3 per cent in 2021. This was partially because the group had only ￡3m of exceptional, non-underlying costs in 2022, compared to 2021's ￡55m. The group also reported higher average net cash, up to ￡807m from ￡671m in 2021, despite returning ￡208m to shareholders via dividends and share buybacks. The firm's order book also grew by 8 per cent to ￡17.4bn, it said. Balfour Beatty's UK construction business had a profit margin of 2.1 per cent with a ￡59m profit from ￡2.76bn of revenue. Its US construction business had only a 1.6 per cent margin, making ￡58m from ￡3.65bn of turnover, while its Hong-Kong construction business had a 3 per cent margin, making ￡32m from ￡1.07bn of revenue.
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