Balfour upbeat as new chairman confirmed

Grant Prior 3 years ago
Share

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.”

Latest news

McAlpine signs £500m Broadgate dual towers deal

Work to start on iconic 36-storey and 21-storey towers
5 hours ago

Worker rescued from collapsed four metre deep trench

Fire crews take six hours to save trapped builder near Blackwall Tunnel
9 hours ago

Gove puts another major building scheme on hold

Secretary of State starts another planning fight after M&S defeat
1 day ago

Greenwich University tenders £300m framework

Up to five firms will carry out upgrade and newbuild work at three campuses
9 hours ago

Work starts on Manchester 26-storey Obsidian tower

Contractor Domis starts Salboy's 10th Manchester scheme in seven years
7 hours ago

Race for £1.3bn West Midlands social homes framework

The Community Housing Group reboots tender race for new build housing
8 hours ago

Delancey submits £400m King’s Cross lab plans

200,000 sq ft lab/office project will be built above railway and tube tunnels just 4.5m below
24 hours ago

Winners revealed for £150m fire safety framework

New deal will help organisations comply with the Building Safety Act
8 hours ago

Sellar plans £500m City tower next to Walkie-Talkie

Consultation starts on London 60 Gracechurch Street tower
1 day ago

Severfield ends year on high with record order book

Orders top £500m with strong future pipeline of opportunities ahead
1 day ago

Second senior director exits National Highways

Commercial director Malcolm Dare set to move on to new role
1 day ago

New scheme fuels London lab building boom

Plans in for 160,000 sq ft Whitechapel scheme near Royal London hospital
1 day ago

Contract race starts for next £155m section of A9 dualling

Prior Information Notice published for Tay Crossing to Ballinluig stretch
2 days ago

£55m Sheffield build-to-rent scheme approved

Demolition to start later this year for 158-flat Sheffield Garden project
2 days ago

London back as most expensive place to build in world

Capital leapfrogs Geneva to top costliest construction rankings
2 days ago

Gas supplier Regent to buy TClarke for £90m

£491m turnover listed building services specialist to be sold
2 days ago

Steel contractor Billington launches into bridge market

Steelwork firm hires staff from failed architectural and bridge specialist SH Structures
2 days ago

McGee employees benefit from rise in profits

Pre-tax profit doubles boosting payouts for Employee Ownership Trust
2 days ago

Lendlease veteran is latest new McAlpine director

Paul Sims joins as Operations Director after 40 years at rival contractor
3 days ago

Costain signs site labour supply deal with four firms

Contractor to use only a quartet of providers for temporary labour supply
2 days ago

BAM go-ahead for Leeds 200,000 sq ft office

Latitude Yellow will complete final plot at Doncaster Monk Bridge site
3 days ago

VolkerFitzpatrick wins £30m logistics job

Latest deal to build five distribution units for Prologis UK
3 days ago

Trio win new Scape utilities consultancy framework

Perfect Circle, AtkinsRéalis and Arcadis win places on
2 days ago

Precast firm FP McCann cleared after immigration raid

Home Office takes no action after public raid on construction site
3 days ago

Wates-owned SES restructure delivers record profit and revenue

Building services contractor revenue soars to almost £300m
3 days ago

25 groundworks firms win £100m Places for People deal

M&J Evans, Carmac and Churngold Construction feature in housing association's line-up
3 days ago

Energy efficiency firms angry at lack of CITB support

SME contractors funding bid "does not meet the current criteria for supporting productivity or EDI"
3 days ago

£400m South Cambridge science park approved

Outline approval allows former sewage treatment works to be demolished
3 days ago

McLaren gets green light for 45-storey Leeds tower

Landmark Wellington Square scheme will see 464 flats built with 360,000 sq ft of offices
6 days ago

Heavy rain causes 1.9% construction output fall

Hopes remain undampened of a resi-led recovery this summer
6 days ago

Contractor services