Balfour Beatty remains optimistic about the construction market in the U.K. and U.S. despite cost overruns in a Texas highway project. CEO Leo Quinn highlighted the company’s increasing workload and efforts to reduce risk in its portfolio, focusing on large infrastructure projects like HS2 and Sizewell C.

The company reported a pre-tax profit of 132 million pounds in the first half of the year, up 18% from the previous year. Balfour Beatty’s order book also increased to 19.5 billion pounds, showing a 17% rise year-over-year. The U.K. construction segment performed well, surpassing revenue and profit targets.

In contrast, the U.S. construction segment saw a loss due to cost overruns at a Texas highway project. Balfour Beatty’s CFO, Phil Harrison, mentioned efforts to recover costs and highlighted profitable projects in the Southeast and Texas in previous years. The company also faced losses in infrastructure investments and corporate activities.

Balfour Beatty agreed to extend oversight by an independent compliance monitor until June 2026, following a military housing fraud guilty plea in 2022. This extension aims to address outstanding issues and ensure compliance with agreements and settlements post-court.

Read more at Yahoo Finance.: Balfour Beatty profits rise, but US arm struggles