Chief Executive Leo Quinn said profits should return to 2019 levels this year.

Results for the year to December 31 2020 show pre-tax profits fell to £48m from £138m last time on revenue of £8,593m from £8,4111m.

The UK Construction Services division was hit particularly hard by the pandemic making a £26m loss for the year from turnover of £2,190m.

The division returned to the black in the second half of the year after site closures in the first half “triggered a reassessment of the group’s contract end forecast positions.”

The UK Construction order book more than doubled during the year to £6.4bn following major HS2 wins with the total group order book hitting £16.4bn.

Support services held profit steady at £46m from £47m last time on turnover up to £1,067m from £1,023m as lockdown disruption had less of an impact on critical infrastructure work.

Quinn was keen to emphasise another strong cash generation performance with £527m of average net cash last year.

He said: “Throughout the pandemic, we have protected the Group’s strengths, supported our stakeholders and held firm to our disciplines.

“That we achieved this while exceeding our own targets for net cash demonstrates Balfour Beatty’s resilience and the dedication of our people and partners.  

“Our leading positions in large growing infrastructure and construction markets, record year end order book and £1.1 billion Investments portfolio provide confidence in future cash generation.

“This underpins our new capital allocation framework which demonstrates Balfour Beatty’s commitment to deliver enhanced returns to shareholders.”