Construction group Wilson Bayly Holmes Ovcon (WBHO) reported lower revenue and operating profit for the six months to December 2025, while maintaining its interim dividend as its infrastructure pipeline remained substantial. Revenue from continuing operations declined 4% to R14bn from R14.7bn a year earlier, while operating profit fell 3% to R676m. Headline earnings per share from total operations increased marginally to 1,086 cents from 1,072 cents.
The group’s net asset value rose to R5.8bn from R5.6bn at the end of June 2025, reflecting balance sheet resilience despite softer top-line performance. The order book stood at R36.4bn, 3% lower than the R37.6bn reported six months earlier, providing forward visibility in a sector closely tied to public infrastructure spending cycles.
Domestic operations were supported by road construction and renewable energy projects, alongside sustained building activity in the Western Cape. Across the rest of Africa, WBHO executed mining infrastructure contracts in West Africa and Zambia, as well as road and gas infrastructure projects in Mozambique. Its UK division delivered stable performance in a subdued economic climate.
The board declared an interim dividend of 300 cents per share, unchanged from the prior year, signalling confidence in cash generation despite revenue pressure.
In December 2025, WBHO was named preferred contractor for the proposed R8bn Cape Winelands Airport development near Cape Town, with detailed design and planning expected during 2026 before construction commences.
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Public sector capital expenditure has begun to recover modestly, particularly in transport and energy infrastructure, offering support to major contractors.
The group’s pipeline is increasingly linked to government-led projects in transport, energy and water infrastructure. According to National Treasury Budget Review 2026, medium-term infrastructure allocations remain focused on logistics reform, renewable energy rollout and water security, areas aligned with WBHO’s core capabilities.
While interim earnings reflected margin pressure and lower activity in parts of the portfolio, the sizeable order book and exposure to public infrastructure programmes position the group within sectors expected to benefit from increased capital deployment over the medium term.