Latest news with #LeoQuinn
Irish Post
5 days ago
- Business
- Irish Post
Outgoing Balfour Beattie chief Leo Quinn appointed Life President of 5% Club charity
LEO QUINN, the outgoing Chief Executive of global construction company Balfour Beatty, has been appointed Life President of The 5% Club charity. In March, it was announced that Quinn would step down from his role at Balfour Beatty after a successful 10 years in which the company significantly strengthened its balance sheet. His time in charge also saw Balfour Beatty deliver Total Shareholder Returns (TSR) of 261 per cent, more than three times the average TSR of the FTSE250 index. This week, it was announced that Quinn, the son of Irish emigrants, had been made Life President of the national charity he founded in 2013. The 5% Club seeks to drive skills development and combat youth unemployment and was founded on the principle that businesses should aim to have at least 5 per cent of their workforce in earn and learn positions. 'A call to action' "The 5% Club was born from a simple idea: that by investing in people, we build stronger businesses and a stronger society," said Quinn. The announcement of his new role was made during a 5% Club celebratory summer reception hosted in the House of Lords by Lord Allen of Kensington. Speaking at the reception, Quinn added: "I founded The 5% Club in 2013 to address the twin challenges of persistent youth unemployment and a growing national skills gap. "More than a decade later, I'm proud of what our members have achieved — real opportunities, measurable progress, and a lasting shift in employer mindsets. "But the mission isn't finished. Nearly 1m young people in the UK are still not in education, employment or training. "For me, the Life Presidency is not only an honour — it's a call to action. "I'm as committed today as I was a decade ago to building a stronger, more inclusive workforce for the future." Inspiring a generation of leaders The 5% Club now represents over 1,200 member organisations, collectively employing more than 1.95m people, including 88,000 apprentices, 22,000 graduates and 10,000 sponsored students. Quinn's current employers, Balfour Beatty, are one of the founding members of The 5% Club and the company currently has 7.4 per cent of its workforce in 'earn and learn' roles. The new honorary position recognises Quinn's pivotal role in establishing the charity's purpose and impact. It formalises his continued involvement beyond governance, enabling him to contribute to strategic dialogue, act as an ambassador and inspire the next phase of growth. The role also includes a permanent seat on The 5% Club's Business Leadership Council and ambassadorial duties representing the charity across industry, government and policy forums. Ozlem Gunduz Robinson, The 5% Club's Chair of Trustees, said: "Leo Quinn's belief in social mobility and the responsibilities of businesses has inspired an entire generation of leaders. "His appointment as Life President marks not only a personal tribute, but a commitment to carrying his founding ethos into the future." See More: Balfour Beatty, Leo Quinn, The 5% Club
Yahoo
25-04-2025
- Automotive
- Yahoo
Balfour Beatty secures $889m reconstruction contract for I-30 in Texas
Infrastructure group Balfour Beatty has been awarded an $889m (£670m) contract by the Texas Department of Transportation to reconstruct a section of Interstate 30 (I-30) in Dallas, US. The contract involves the reconstruction of a 3.7km stretch on the east side of Dallas County. Upon completion, the project will double the number of general-purpose lanes from six to 12. This is expected to significantly improve traffic flow and connectivity within the city. Additionally, Balfour Beatty is set to construct nine crossings to connect I-30 with major infrastructure projects such as the Southern Gateway, the I-35E Lowest Stemmons, and The Horseshoe. These projects were also completed by Balfour Beatty for the Texas Department of Transportation within the past five years. Preconstruction activities for the I-30 project are set to commence in 2026, with an estimated completion timeline of five years. Balfour Beatty Group chief executive Leo Quinn said: 'This contract award marks a significant milestone in Balfour Beatty's 30-year partnership with the Texas Department of Transportation and our proven track record of successful project delivery.' 'With decades of experience executing complex roadway projects in Dallas and an in-depth understanding of the region's infrastructure, we are uniquely positioned to deliver these essential improvements. This work will not only enhance connectivity and reduce congestion but also foster long-term economic growth and opportunity across the region.' This latest contract follows a previous $746m (£575m) agreement awarded to Balfour Beatty in November 2024 for the reconstruction of a portion of Interstate 35 through Austin, Texas. Last month, Balfour Beatty US initiated construction on the Northern Virginia Science Center in Dulles, Virginia. "Balfour Beatty secures $889m reconstruction contract for I-30 in Texas" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
13-03-2025
- Business
- Yahoo
Balfour Beatty PLC (BAFBF) (Q4 2024) Earnings Call Highlights: Strong Financial Growth Amid ...
Revenue: Increased by 4% to GBP10 billion. Profit from Earnings-Based Businesses: Grew by 7% to GBP252 million. Group Profit: Increased by 11% to GBP227 million. Earnings Per Share: Increased by 17% to 43.6p. Order Book: Grew by 12% to GBP18.4 billion. Average Net Cash: GBP766 million, with year-end net cash at GBP943 million. Final Dividend: 8.7p, total dividend for the year 12.5p, a growth of 9% over the prior year. UK Construction PFO Margin: Improved to 2.7%. Support Services Revenue Growth: Increased by 20%. Support Services PFO Margin: Reduced by 30 basis points to 7.7%. Investment Portfolio Valuation: Increased by 3% to GBP1.25 billion. Non-Underlying Items Net Charge: GBP49 million after tax. Capital Expenditure: Reduced to GBP28 million from GBP66 million in 2023. Share Buyback Program: Increased to GBP125 million. Warning! GuruFocus has detected 7 Warning Signs with BAFBF. Release Date: March 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Balfour Beatty PLC (BAFBF) reported a significant increase in profit, with nearly GBP1 billion in cash reserves. The company's order book grew by 12% to GBP18.4 billion, providing strong future revenue visibility. Employee engagement scores have improved consistently over the past decade, reaching 84%, which is 10 points higher than peer groups. The company has achieved a world-class safety record, with significant improvements in safety observations and accountability. Balfour Beatty PLC (BAFBF) has returned nearly GBP1 billion to shareholders over the last five years through buybacks and dividends. The company faces challenges with the UK Building Safety Act, resulting in a GBP83 million charge. A jury verdict against Balfour Beatty PLC (BAFBF) and its JV partners in the US resulted in a GBP52 million provision. The US civil projects continue to weigh on profitability, with PFO reduced to GBP40 million. Hong Kong revenues are expected to decline as major airport projects conclude. The company is facing challenges in securing skilled labor, particularly in mechanical and electrical sectors, which could impact future project execution. Q: Could you clarify the potential revenue ramp for power generation and construction services? A: Leo Quinn, Group Chief Executive, explained that the revenue from power generation is expected to grow significantly, with a theoretical limit set at GBP800 million to ensure better margins and lower risk. The growth will be split across construction and services, with a focus on selective projects that Balfour Beatty can deliver with low risk. Q: How does the balance sheet reflect the cash position, and is it distributable? A: Leo Quinn noted that while the cash is technically in the company's bank, not all of it is distributable as it includes client money. However, the company benefits from the interest on this cash, and there is an element of artistic license in how it's presented. Q: What is the status of the US monitorship and its impact on military housing investments? A: Philip Harrison, Chief Financial Officer, stated that the monitorship is in its next review period, expected to conclude in Q4 2025. The company continues to invest in military housing, with no significant findings impacting this decision. Q: Can you explain the impact of the Building Safety Act on your financials? A: Leo Quinn mentioned that the Building Safety Act has been a burden on the industry, leading to increased provisions. The company has accrued for potential liabilities prudently, and the number of claims notifications is reducing over time. Q: How is Balfour Beatty managing the decline in Hong Kong revenue while maintaining profits? A: Leo Quinn explained that Hong Kong operations are a joint venture with Jardine Matheson, primarily providing dividends. The company is managing profitability through improved margins in other parts of the portfolio, despite declining revenue from airport projects. Q: What are the strategic opportunities in the UK defense sector? A: Leo Quinn highlighted that UK defense offers transparent terms and conditions with cost-reimbursable contracts. The company sees opportunities to expand its footprint with the Defense Infrastructure Organization and other defense clients, focusing on mechanical and electrical capabilities. Q: Why does Balfour Beatty persist with the US Civil business despite historical challenges? A: Leo Quinn noted that while the US Civil business has faced challenges, it provides valuable experience in lean operations. The company has seen success in specific contracts and believes there will be a significant payday from accrued claims. Q: What is Balfour Beatty's approach to the UK hospital program? A: Leo Quinn stated that the company has decided not to bid on the UK hospital program due to the complexity and risks involved. However, they are open to working in an advisory capacity without taking construction risk. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Reuters
05-03-2025
- Business
- Reuters
UK's Balfour Beatty names Philip Hoare as CEO
March 5 (Reuters) - British construction and infrastructure group Balfour Beatty (BALF.L), opens new tab on Wednesday named Philip Hoare as its next CEO, replacing Leo Quinn who will leave the firm after more than 10 years. Shares of the London-headquartered company fell as much as 5.8% to 429.2 pence, hitting its lowest since January 15. Hoare joins Balfour Beatty from Canadian engineering services group AtkinsRéalis ( opens new tab, where he was chief operating officer for a year after leading the UK and global engineering businesses. Quinn, who will stay in the role until September, has been crucial to strengthening the group's financial position, with Balfour's stock soaring 190% since he took over as CEO in October 2014.
