Balfour Beatty rewards investors on strong outlook

Infrastructure group Balfour Beatty said it expects growth to remain strong this year as it launched its third share buy-back scheme in three years.

Turnover at Britain’s largest construction company rose to £8.9bn last year, up from £8.3bn the previous year, while pre-tax profit jumped from £87m to £287m.

The positive outlook spurred the FTSE 250 company to announce a £150m share buy-back scheme and lift its final dividend 17pc to 7p per share. Its share price rose by more than 2pc.

“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,” said Leo Quinn, Balfour Beatty’s chief executive.