The contractor reported underlying revenue of £4.1bn for the
half year 2020, compared to just under £3.9bn in the same period the year
before.
But it slipped into a £14m underlying loss, from a £72m
profit a year ago.
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Nonetheless, the group’s order book increased more than 20% to £17.5bn, driven by notice to proceed on HS2, and it reported half-year net cash of £563m, up from £512m in the 2019 financial year.
Quinn said: “Since the covid-19 crisis broke, our mission has been to safely manage through it while protecting the group’s strengths. That meant balancing the needs of all our stakeholders. We have kept sites open wherever safe to do so, prioritised supply chain payments and supported staff. Our people’s response has been outstanding, working tirelessly whatever the challenge, to enable Balfour Beatty to provide the daily infrastructure relied on by the public.
“We have preserved the disciplines, expert capability and
financial strength we will need as markets move back to normal and then beyond,
driven by fiscal stimulus for infrastructure. In achieving this, our systems,
processes and leadership have all proved the value of our investments over the
last five years.
“The financial impacts of covid-19 are unavoidable; but they
will pass. Since the start of Build to Last [Balfour Beatty’s transformation
programme], our balance sheet, order book and expert capability are at record
levels. We look forward with confidence to returning to profitable managed
growth, and to delivering ongoing value for all our stakeholders.”
