In the six months to June, the company said pre-tax profit was up one third to £112 million on turnover up 3% to £4.7bn. But underlying profit stayed flat at £98m.

Income from its UK construction business fell 4% to £1.45bn but operating profit was up 13% to £34m which helped push margins up to 2.3% from 2% last time.

Balfour Beatty attributed the lower revenues to lower volumes from the nuclear new build project at Hinkley Point C.

Leo Quinn, Balfour Beatty group chief executive, said: “The group’s earnings-based businesses have continued their growth trajectory in the first half of 2024, driving an increase in Group profitability and cash generation, and making great strides in securing the work that will drive further profitable growth in 2025 and beyond.

“The outlook for the group’s chosen growth markets, where we hold unique capabilities in delivering complex infrastructure projects, remains encouraging, including in the UK with the new government reinforcing commitments to critical national infrastructure. Balfour Beatty’s prospects across these markets provide the board with confidence that the group will continue to deliver significant and attractive shareholder returns in the coming years.”