REG - Balfour Beatty PLC - BALFOUR BEATTY 2023 AGM TRADING UPDATE

Balfour BeattyAnnouncement

12/05/2023 07:00

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RNS Number : 1733Z  Balfour Beatty PLC  12 May 2023

News Release

 

 

12 May 2023

BALFOUR BEATTY 2023 AGM TRADING UPDATE

 

Ahead of today's Annual General Meeting, Balfour Beatty announces an update on
trading for the period 1 January 2023 to date.

 

Overall trading has been in line with expectations and the Board continues to
expect the Group's 2023 profit from operations from its earnings-based
businesses to be broadly in line with 2022.

 

At the end of March, the Group's order book was £17.0 billion (December 2022:
£17.4 billion). New projects added to the order book in the first quarter of
2023 include a £297 million seven-year East Sussex road maintenance contract,
a US$242 million design-build highways contract in North Carolina and US$230
million of data centres in the US Northwest.

 

Over the first three months of 2023, the average monthly closing net cash
balance was £740 million (FY 2022 average: £804 million, 2022 closing: £815
million) driven by an expected working capital outflow of around £100 million
and share buybacks. The Board continues to expect a full year working capital
outflow of between £75 and £125 million for 2023 and for the £150 million
share buyback to be completed by the end of the year, with £75 million
completed to date.

 

ENDS

 

 

Analyst/investor enquiries:

Jim Ryan

Tel. +44 (0)7858 368527
jim.ryan@balfourbeatty.com (mailto:jim.ryan@balfourbeatty.com)

 

Media enquiries:

Antonia Walton

Tel. +44 (0)203 810 2345
antonia.walton@balfourbeatty.com (mailto:antonia.walton@balfourbeatty.com)

 

Notes to editors:

·    Balfour Beatty (http://www.balfourbeatty.com) is a leading
international infrastructure group with over 25,000 employees driving the
delivery of powerful new solutions, shaping thinking, creating skylines and
inspiring a new generation of talent to be the change-makers of tomorrow.

·    We finance, develop, build, maintain and operate the increasingly
complex and critical infrastructure that supports national economies and
deliver projects at the heart of local communities.

·    Over the last 114 years we have created iconic buildings and
infrastructure all over the world. Currently, we are working to deliver
Hinkley Point C, the first UK nuclear power station in a generation;
constructing the world-class arts and cultural facility, the Lyric Theatre, in
Hong Kong; and designing, building, financing, operating and maintaining the
Automated People Mover superstructure at the fifth busiest airport in the
world, Los Angeles International Airport.

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