Construction firm Balfour Beatty has announced it is “well positioned for 2022 and beyond” as trading continues to be in line with expectations.
The group said its book order was at £15.6bn at the end of March and included a £530m construction project in Maryland, US.
Between January and April, Balfour Beatty’s average net cash balance increased to £800m, £10m more compared with December, but it is expected to normalise once the £150m share buyback programme is over.
All business, the company said, are in line with expectations, with the UK Construction side expected to deliver a standard margin of between 2 and 3 per cent for the whole year.
“We remain confident that the group is well positioned for 2022 and beyond. Our business portfolio has been transformed to focus on the growing infrastructure markets of the UK, US, and Hong Kong – each underpinned by strong government investment programmes,” said chief executive Leo Quinn.
“The strength of our balance sheet and the higher quality of our order book will enable us to maximise these opportunities for profitable growth while remaining resilient to the current macro-economic challenges.”