12th May 2005 11:45
Balfour Beatty PLC12 May 2005 12 May 2005 BALFOUR BEATTY PLC ================== AGM STATEMENT ============= Reporting to shareholders at the Annual General Meeting of Balfour Beatty plc,the international engineering, construction and services group, Chairman, SirDavid John, said: "As is customary, I would like to update you on trading so far this year. "I am pleased to report to shareholders that trading in 2005, to date, is inline with expectations. Order intake has been strong and substantial additionalnew projects are imminent as PPP preferred bidder positions reach financialclose and negotiations are concluded with other customers. "In our Building sector, current trading is as anticipated, with verysubstantial order books in all businesses, although some large projects willcommence later than expected as a result of delays in the conversion of PPPconcessions to financial close. The first phase of the £220 million UniversityCollege London Hospital was handed over on time and budget and a number of majorstation refurbishments commenced under the Metronet LUL contract. The socialhousing market continues to grow rapidly. "In Engineering, progress is good, including better performance in the US. Majorprojects have been secured: for National Grid Transco in Greater Manchester; anew casino in Macau; the widening of a segment of the M1 motorway and for anumber of water and electricity utility customers, including a five-year, £300million contract for United Utilities announced earlier this week. "In Rail, as anticipated, market conditions in the UK, US and Germany haveremained flat, while progress in Italy is good and new contracts have beensecured in Sweden. Work volumes increased at Heathrow Terminal 5 and therenewals programme for London Underground continued to grow. "In Investments and Developments, work continued to bring the schools schemes inNorth Lanarkshire and Bassetlaw and a major hospital in Birmingham to financialclose. Existing PFI concessions, including Metronet, performed as anticipatedand the M77 scheme in Scotland was opened on time late last month. A firstdividend was received from the administrators of TXU Europe in respect ofBarking Power. "As stated in our Annual Report, we expect to make progress in 2005 in line withexpectations and to continue to generate secure, sustainable income from ourpartnerships with customers in the public and private sectors." ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Balfour Beatty