REG - Balfour Beatty PLC - BALFOUR BEATTY 2024 AGM TRADING UPDATE

Balfour BeattyAnnouncement

09/05/2024 07:00

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RNS Number : 6931N  Balfour Beatty PLC  09 May 2024

News Release

 

9 May 2024

BALFOUR BEATTY 2024 AGM TRADING UPDATE

Ahead of today's Annual General Meeting, Balfour Beatty announces an update on
trading for the period 1 January 2024 to date.

The Group's trading over the period has been in line with expectations and the
Board continues to expect an increase in profit from operations from its
earnings-based businesses and an increase in Group earnings in 2024.

Since the start of the year, Balfour Beatty has made progress on several major
projects which align strategically to the Group's growth markets, and for
which material orders are expected to follow. These include:

-      SSEN ASTI framework: Balfour Beatty's power transmission and
distribution business has now commenced early contractor involvement works on
nine electricity transmission projects across the north of Scotland under the
framework, which are expected to convert to full awards at a later date;

-      BP and Equinor's Net Zero Teeside Power project: Balfour Beatty
has received a Letter of Intent to progress with the next phase of the
project. In partnership with Technip Energies and GE Vernova, Balfour Beatty
will construct a highly efficient combined-cycle plant, integrated with a
state-of-the-art carbon capture plant. Final contract award will be subject to
receipt of regulatory clearances and final investment decisions being taken
later this year;

-      Rolls Royce: Balfour Beatty has been selected as a construction
partner for the expansion work in Raynesway, Derby, needed to meet the growth
in demand from the MOD and as a result of the AUKUS agreement. As part of the
package of works, which will be executed in stages over the next eight years,
Balfour Beatty will deliver infrastructure enabling works, build new
manufacturing and office facilities, and redevelop existing industrial
buildings on site. This will increase Rolls-Royce's capacity to manufacture
reactor components for nuclear submarines.

Over the first three months of 2024, the average monthly closing net cash
balance was £756 million (FY 2023 average: £700 million, 2023 closing: £842
million). The Board continues to expect 2024 average cash to be roughly in
line with 2023, reflecting an expected working capital outflow, and for the
£100 million share buyback to be completed by the end of the year, with
approximately £50 million completed to date.

 ENDS

Analyst/investor enquiries:
Jim Ryan

Tel. +44 (0)7858 368527

Jim.Ryan@balfourbeatty.com

Media enquiries:
Antonia Walton

Tel. +44 (0)203 810 2345

antonia.walton@balfourbeatty.com

 

·       Balfour Beatty
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 is a leading international infrastructure group with 26,000 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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