Firm says UK energy work and US buildings market behind increase
Balfour Beatty said a boom in UK energy work had helped it get its order book up to beyond a record £20bn.
In a trading update this morning, the firm said £3.5bn of new power generation orders meant the order book for this year would be up 20% on last year’s £18.4bn – taking it beyond £22bn.
It added revenue would be £500m up on last year’s £10bn thanks to growth in the UK energy and US building markets.
The firm said average monthly net cash for the year would be at the top end of its previous £1.1bn to £1.2bn range, up from last year’s £766m.
New chief executive Philip Hoare, who has been in post three months, said: “These values and capabilities, alongside exciting opportunities in our end-markets, a high-quality order book and disciplined risk processes, give the Group a powerful platform to shape the next chapter of growth and deliver lasting value for all our stakeholders.”
It said its US business had seen income growth of 25% this year with its schemes including $400m worth of data centres in Virginia and Oregon.
The firm will release its full-year results on 11 March.
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