The group’s 2022 full-year financial results saw revenue for the year reach £8,931m – up from £8,280m for the previous year. Pre-tax profit was £291m (2021: £187m). There was also a 17% increase in recommended full year dividend at 10.5p per share.

Leo Quinn, Balfour Beatty group chief executive, said: “The strong results in 2022 are a testament to Balfour Beatty’s transformation into a well-balanced and lower risk group. The diversified portfolio, both geographically in the UK, US and Hong Kong, and operationally across Construction Services, Support Services and Infrastructure Investments, plus the strength of our balance sheet and cash management, have provided the resilience for the Group to deliver ahead of expectations and grow our order book through the global instability seen in 2022.

“The Board’s confidence in both the short and longer term is reflected in its commitment to a multi-year programme of strong shareholder cash returns. We believe that Balfour Beatty’s unique capabilities and the positive outlook in its chosen markets will enable it to deliver ongoing profitable managed growth.”