Balfour Beatty’ shares surge to record high after company raises profit forecasts

SHARES in construction giant Balfour Beatty surged to a record high ­after the British FTSE 250 company raised its profit and cash forecasts. The group said it was heading into the second half of the year with “real momentum”, helped by strong demand for data centres, US building projects and UK power networks. The shares hit an all-time high of 973p before settling to close the day at around 926.50p. They are up over 30 per cent since January, when they traded at near 714p. Sign up for the Money newsletter Thank you! The news came after revenue climbed eight per cent to £5.56billion in the six months to June 26, compared with the same period last year. Its US construction arm also returned to profits. The upbeat performance prompted Balfour Beatty — now valued at more than £4billion — to predict low double-digit earnings growth this year. It had previously expected growth in the high single digits. The London-based firm, which formed in 1909, also upgraded its average net cash forecast to between £1.5billion and £1.7billion, from £1.3billion to £1.5billion. Boss Philip Hoare said the first-half results reflected the quality of the business, careful project delivery and the contribution of its workers. Most read in Money He said: “Supported by a £23billion order book, attractive growth markets and strong operational momentum, Balfour Beatty is well positioned to deliver these programmes safely, efficiently and at scale.” eToro analyst Adam Vettese said the firm offered the predictable, lower-risk growth liked by investors. FENWICK FIRES DEPARTMENT store chain Fenwick has narrowed losses after rolling out the first step of a three-year turnaround plan. The family-owned business posted a pre-tax loss of £22million for the year to February, better than the previous year’s £35million. Turnover and like-for-like sales rose. Fenwick, which has eight UK outlets, hailed its investment in its stores, digital services and loyalty scheme. It remains debt-free. IRAN WAR SLUMP AT TUI HOLIDAY giant TUI saw pre-tax profits dip 43 per cent to £131million in the three months to June as families delayed bookings amid the Iran war and rising bills. Customer numbers fell three per cent, with high fuel costs and competition also squeezing earnings. Tui said the Middle East conflict and hurricanes in Jamaica cost it £69.2million this year. Its cruises arm took a £17.1million hit after it repatriated 5,000 passengers from Abu Dhabi. It called 2026 “no ordinary year”. But full-year forecasts are unchanged and recent bookings are up seven per cent. CURIO CANNED WHSMITH is shutting nearly half of its Curi.o.city souvenir and stationery shops just three years after launching the brand. A London St Pancras International branch and two at Gatwick airport are being axed. Five other shops will remain as WHSmith trims its brick-and-mortar estate. The closures are separate from upheaval at WHSmith’s former high street arm, renamed TGJones after it was sold off in June 2025. Comment now