Infrastructure Group Balfour Beatty said on Thursday that overall transactions since the start of the year had been in line with expectations, including the continuation of its recent strong performance in cash.
Balfour Beatty said its average monthly closing net cash balance rose to around £800.0 million in the first four months of 2022, up from the 2021 annual average of £671.0 million. pound sterling. However, he also noted that following its 2022 share buyback, along with some expected normalization of working capital, the average monthly net cash for the full year should be “moderately lower” than in the first four months of the year.
The FTSE 250-listed group said its order book stood at £15.6 billion as of March 31, up from £16.1 billion at the end of December, which includes the recent award of the design contract and $698.0 million Fort Meade construction project in Maryland by the US Army Corps of Engineers.
Balfour Beatty said it remained confident it would deliver managed profit growth in 2022, building on the £181.0 million generated by profit-based businesses in 2021. Balfour also noted that he had a number of asset disposals planned for 2022 that he is hoping for. meet return requirements.
Chief Executive Leo Quinn said: “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 backed by strong government investment. programs.
“The strength of our balance sheet and the improved quality of our order book will allow us to maximize these opportunities for profitable growth while remaining resilient to the current macro-economic challenges.”
Reporting by Iain Gilbert on Sharecast.com