Half Year 2023 Balfour Beatty PLC Earnings Call Transcript
Good morning, everybody. Judging by the size of the audience, it looks if you all delayed your summer holiday just to see these results. So I'm Leo Quinn, Balfour's Chief Executive. I'm joined by Phil Harrison, Chief Financial Officer. And we're going to give you an update on the half year performance.
First and foremost, strong first half, and the progress that's been made is in the areas that you'd like to see it made. Earnings are up some 12% overall. But if you dig below, you'll see the U.K. earnings business is up some 60%. Hong Kong is up 40%. So very encouraging. Cash continues to be strong at just around GBP 700 million, if you actually add back the share buyback, which is just under GBP 100 million, it's almost flat with last year. So again, a strong, encouraging first half.
The most important thing about the business at the moment is just where we're positioned for future growth. And to my mind, it's never really been as encouraging or optimistic. Our growth is driven by things like
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