Gregory's questions to Balfour Beatty plc/ADR (BAFBF) leadership • H1 2023
Question
Gregory from UBS asked for expectations on sustainable working capital levels into 2024, the ambition for earnings growth in 2024, and the quantum of investment in overheads to capture growth opportunities.
Answer
CFO Phil Harrison projected a medium-term working capital level of around 13% of revenue. CEO Leo Quinn forecasted an earnings uptick in H2 2024 and a stronger 2025, contingent on project timings. Harrison clarified that the overhead investment to support growth would be in the 'high millions,' not tens of millions.