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 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.