Balfour Beatty to exceed 2019 profit forecast

Aaron Morby 1 month ago
Share

Balfour Beatty remained on track to deliver steady growth this year despite challenging market conditions as revenue rose 5% and construction margins held at 2-3%.

The firm reported steady trading for its year-end with profit predicted to be slightly ahead of expectations.

Leo Quinn, Balfour Beatty group chief executive, said the firm’s order book was expected to top £14bn, over 10% higher than last year.

This did not include work won on the HS2 civils or station contracts, which remained on hold waiting for the full project to be given notice to proceed.

In an upbeat trading update, he said: “We expect to deliver another year of profitable managed growth in 2019.

“The growing order book and strong balance sheet demonstrate our progress in positioning the group well to deliver increased value to shareholders.”

Quinn added that average monthly net cash was now forecast to be around £310m, ahead of the previous £300m guidance and above the 2018 figure of £194m.

In the United States Balfour confirmed that legal investigations were ongoing into allegations of falsified maintenance records at a US Air Force base had now been extended to include all 21 US Air Force bases managed by its Balfour Beatty Communities business.

Quinn said that Balfour Beatty did not condone the falsification of records and took the allegations made in the media extremely seriously.

He added that the firm continued to work with the appropriate authorities and military services to ensure a complete and thorough investigation.

 

Latest news

Historic London markets to move to Dagenham

Billingsgate, New Spitalfields and Smithfield to get new home together
1 hour ago

Plans in for 1m brick monument of hope

Construction of The Wall monument is planned to start later this year
3 hours ago

Trio selected for £135m Meridian Water civils packages

BAM Nuttall, Vinci and VolkerFitzpatrick in for London Lee Valley infrastructure work
4 hours ago

Major contractors to stop using dodgy umbrella companies

Big names sign charter to protect employment rights and promote equality
23 hours ago

Berkeley to boost construction by 50%

Cash rich housing giant to hand out extra £455m to shareholders
7 hours ago

30 jobs to be axed as Sanderson Contracts shuts down

Yorkshire contractor collapses while working on two Easy Hotel projects
8 hours ago

Boost your online presence – join the Enquirer Directory

Site for suppliers and buyers showcases products, services and latest stories
2 years ago

Van Elle profit slides in first-half

Slowdown in rail work hits margins but revenue grows 13% on higher housing demand
7 hours ago

Amey hires collapsed glazing contractor boss

Craig McGilvray joins Amey to head FM and defence arm just a week after FGS collapsed
15 hours ago

Willmott Dixon nabs £20m Humberside police hub

Work to start in autumn on new operational support building
15 hours ago

Multiplex gets start date for £86m Glasgow Uni block

July start for postgraduate hub and business school building
24 hours ago

Laing O’Rourke to build Gary Neville’s £200m tower scheme

Work to start this summer on St Michael's complex in Manchester.
1 day ago

Late payment bill to enforce 30-day terms

Latest legislation aims to outlaw abuse of subcontractors and supply chain finance schemes
1 day ago

Building safety police force to be run by HSE

Government promises "biggest change in building safety for a generation."
2 days ago

Report submitted on Shaylor directors following collapse

Latest update holds out little hope for more money for trade contractors owed £19m
2 days ago

Green light for new stand at Emirates Old Trafford

Lancashire Cricket Club will have the largest ground outside of London
2 days ago

SME contractors to have their say on CITB levy

CITB training system branded a "billion pound bodge job"
1 day ago

Green light for £137m Midland Metro eastside extension

New 1.7km Birmingham Eastside Extension will connect planned HS2 station at Curzon Street
2 days ago

HS2 review slams project team as costs could hit £106bn

Oakervee review to give "lukewarm" backing to project
2 days ago

Demolition winner for vast Elizabeth House job

Fierce competition for demolition package to pave way for new 31-storey tower at Waterloo
2 days ago

Anglo American commits to saving £2.5bn potash mine project

Mining giant aims to get Yorkshire construction project back on track
2 days ago

South Koreans buy stake in UK offsite specialist

Elements Europe aims to ramp up production with new factories
1 day ago

T+T secures PM role on Bradford Odeon job

Restoration of former 1930s Odeon cinema to be completed late next year
2 days ago

Robo cone layers to make life safer on road jobs

Automatic cone laying machines could be on site by end of the year
5 days ago

NAO raises alarm over cost of finishing Carillion hospitals

Spending watchdog warns a significant risk of £2bn cost of both hospitals rising further
6 days ago

Green light for Birmingham’s tallest tower

£150m Broad Street skyscraper will rise to 61 floors
5 days ago

Plan for £33m cross laminate timber office block

Developer Southern Grove plans 6 storey office block in London's Shoreditch area
5 days ago

GMI to build 14-storey Leeds hotel

Scheme will occupy last remaining plot on Sovereign Square site
5 days ago

Burglar caught after ransacking construction training centre

Rampage and robbery disrupts Sunderland training hub
5 days ago

Alligator park plan for £230m mixed use London site

Developer plans to turn iconic gasholder into reptile house on Old Kent Road
6 days ago

Contractor services