Balfour Beatty PLC

First-pass take

Balfour Beatty is a construction and infrastructure maintenance provider with peripheral AI exposure (data-centre and power-transmission projects mentioned but not core strategy). Margin expansion evident: Support Services PFO up 31% on 18% revenue growth; UK Construction hit 3.5% margin (above 3% target) for fifth consecutive year. Strong balance sheet: £1.4bn net cash, undrawn facilities. Cyclical construction exposure and heavy UK government infrastructure dependency limit upside potential.