12th May 2023 09:11
(Alliance News) - Balfour Beatty PLC on Friday said that trading since the start of 2023 has been in line with expectations.
The London-based infrastructure construction firm said at the end of March, the order book fell 2.3% to GBP17.0 billion from GBP17.4 billion at the end of December.
The company added that it expects 2023 profit from operations from its earnings-based business to be broadly in line with 2022. Profit from operations in 2022 was GBP83 million, down 14% from GBP97 million in 2021.
Balfour noted that new projects added in the first quarter of 2023 include a GBP297 million seven-year East Sussex road maintenance contract, a USD242 million design-build highways contract in North Carolina and USD230 million of data centres in the US northwest.
The company said in the quarter, the average monthly closing net cash balance fell 9.2% to GBP740 million from an average of GBP815 million for the year 2022.
Looking ahead, Balfour continues to anticipate a 2023 working capital outflow between GBP75 million and GBP125 million, widened from GBP54 million in 2022, and to complete the GBP150 million share buyback by the end of the year, with half of that completed to date.
Balfour Beatty shares were 0.1% lower at 389.80 pence each in London on Friday morning.
By Tom Budszus, Alliance News reporter
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