Average monthly net cash at UK’s biggest contractor on the rise
Balfour Beatty’s turnover this year is expected to top £8.5bn, the firm said in a trading update this morning.
The country’s biggest builder said the increase had been largely driven by foreign exchange rates and added that income would be 5% up on last year’s £8.3bn meaning it would be just over £8.7bn.
It added profit from its operations would be in line with expectations while average monthly net cash is forecast to be around £800m, up from the previous guidance of £740m to £780m.
In the update, Balfour said profit for the year would be ahead of expectations “due to positive net interest income and the recognition of deferred tax assets significantly reducing the 2022 tax charge”.
It said that it had also sold five investments during the year for £90m, booking a £65m profit on disposal.
The firm is due to unveil its 2022 results on 15 March next year.
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