Balfour upbeat as new chairman confirmed

Grant Prior 2 years ago
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Balfour Beatty released a positive trading statement today as the contractor also confirmed its new chairman.

Former ITV chief executive Charles Allen – now Lord Allen of Kensington – will take the chair in July succeeding Phil Aiken.

Balfour said its construction services and support services business are on track to deliver underlying profit from operations this year at 2019 levels of £172m.

The first four months of this year saw an average monthly net cash balance of £600m while the order book stood at £15.7bn at the end of March.

The update added: “Balfour Beatty remains positive about the strong medium term outlook in its core infrastructure markets, where the Group is well positioned and will continue its profitable managed growth strategy through selective bidding.”

Strong infrastructure performance was offset by lower demand for private construction work which continues to recover from the impacts of the pandemic.

Support Services maintained its strong 2020 performance into the new year with power, road and rail maintenance business units busy as the group withdrew from the gas and water sector.

Group Chief Executive Leo Quinn said: “The impact of the pandemic, coupled with political changes in the US and UK, have accelerated those Governments’ spending plans on infrastructure and sustainability as a means to stimulate economic recovery.

“Today, Balfour Beatty is very well positioned to capitalise on these changes to grow profitably in its chosen markets.”

Lord Allen added: “It is a good time to be joining Balfour Beatty, there are significant opportunities for the company to continue to develop in its chosen markets.

“I am looking forward to working with the Board and the management team to continue to create and deliver value to all stakeholders.”

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