9th Dec 2020 10:21
(Alliance News) - Balfour Beatty PLC on Wednesday said it expects to deliver results in line with its expectations for the full year following a steady recovery from Covid-19 disruptions.
Additionally, Chair Philip Aiken is stepping down in May 2021. The search for a replacement is in progress.
The London-based infrastructure group said it expects revenue for the year ending December 31 to be in line with the prior year's GBP8.4 billion.
The year-end order book is expected to be around GBP17 billion, up from GBP14.3 billion a year before.
"Despite delays caused by Covid-19, in the second half of the year the group has continued to win material infrastructure projects across all its geographies," Balfour said.
Balfour said it intends to pay a final dividend, having skipped both its recent interim dividend and a final dividend for 2019. Balfour also will launch an initial GBP50 million share buyback programme starting from January.
Full year average monthly net cash is expected to be around GBP500 million, ahead of the previous guidance of between GBP430 million and GBP460 million.
Going forward, Balfour said: "Balfour Beatty continues to expect that the earnings-based businesses will report a more normalised operating profit in 2021, broadly in line with 2019. Additionally, as market conditions continue to strengthen, the group expects to re-commence disposals from its Infrastructure Investments portfolio in 2021."
Balfour shares were up 0.9% at 270.80 pence each in London on Wednesday morning.
By Greg Roxburgh; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Balfour Beatty