Balfour Beatty is set to end the year with its order book up around 20% to more than £20bn, underpinned by over £3.5bn of new UK power-generation work and the long-awaited addition of £3bn of Sizewell C civils. Group revenue is expected to be more than 5% ahead of last year’s £10bn, with UK construction and support services delivering a 3% operating margin.
Average monthly net cash is forecast to hit a record £1.2bn, up from £766m, giving the UK’s largest contractor significant balance sheet firepower as the energy and infrastructure pipeline accelerates. New chief executive Philip Hoare signalled another year of operational profit growth in 2026 and confirmed a fresh share buyback will start in January, on top of the £189m already returned to investors this year through dividends and repurchases.
In the US, Balfour’s buildings business has seen revenue jump about 25% after 18 months of rapid pipeline conversion, including $750m of correctional facilities and a further $400m of data-centre work. The performance underlines the group’s exposure to structurally growing sectors such as secure accommodation and digital infrastructure, which are helping offset softer traditional commercial markets.
Support services revenue is up around 15%, driven by continued expansion in power transmission and new positions on National Grid’s HVDC framework and SP Energy Networks’ strategic overhead-line programme. Margins in the division remain near the top of the 6–8% target range, reinforcing Balfour Beatty’s pivot towards regulated and energy-transition workstreams that offer longer-term visibility and more resilient cash generation for the supply chain.
