In a trading update, Britain’s biggest contractor said its was still too early to assess what impact the Government spending cuts would have on its business, which is now only 20% reliant on UK public spending as the US, Hong Kong and Canada grow into significant markets.

But Balfour was confident that prospects for UK infrastructure remained positive in the medium and long term.

Year-on-year revenue in construction services fell in the third quarter. Although the period saw a strong order intake, including the job for Heathrow Terminal 2B and several big US  deals.

Continued strength in the civil and construction markets was offset by weakness in the mechanical and electrical engineering and rail sectors.

In recent months, Balfour has been named preferred bidder for four major projects: transmission assets of the Thanet offshore wind farm project, Gort to Tuam PPP roads scheme in the Republic of Ireland and BSF schemes in Oldham and Hertfordshire.

Including these projects, Balfour is now working on bringing nine major projects to financial close, which will require £69m in equity from the contractor.