Balfour Beatty PLC has announced a trading update for the period from January 1, 2024, to date, ahead of its Annual General Meeting. The company's trading has been in line with expectations, and the Board anticipates an increase in profit from operations from its earnings-based businesses and an overall increase in Group earnings in 2024.
The company has made significant progress on several major projects, aligning strategically with its growth markets. Notable projects include the SSEN ASTI framework in Scotland, the BP and Equinor's Net Zero Teeside Power project, and the expansion work for Rolls Royce in Derby. These projects are expected to contribute to the company's growth and profitability.
Balfour Beatty reported an average monthly closing net cash balance of £756 million for the first three months of 2024. The Board expects the 2024 average cash to be roughly in line with 2023, with an anticipated working capital outflow. Additionally, the company aims to complete a £100 million share buyback by the end of the year, with approximately £50 million completed to date.
The company's ongoing projects include delivering Hinkley Point C, constructing the Lyric Theatre in Hong Kong, and designing, building, financing, operating, and maintaining the Automated People Mover superstructure at Los Angeles International Airport.
For further information, analyst/investor enquiries can be directed to Jim Ryan at +44 (0)7858 368527 or [email protected], while media enquiries can be directed to Antonia Walton at +44 (0)203 810 2345 or [email protected].