Balfour Beatty plc, the international infrastructure group, has issued a trading update ahead of its results for the half-year ended 1 July 2011 which will be announced on 17 August 2011.
The company said there had not been any material change in trading conditions since its Q1 Interim Management Statement of 10 May 2011. As a result, overall trading performance continues to be consistent with expectations. As indicated in previous announcements, the company is expecting the split of profits to be more second-half weighted than in 2010.
At an operational level, Balfour Beatty said it was “reassured” by the stability of our order book in the first five months of the year. The firm expects to maintain this position at the half-year and improve the order book further as a result of the acquisition on 30 June 2011 of Howard S. Wright in the US.
Balfour Beatty said it would continue to use its strong balance sheet to invest in the business in order to drive organic growth, improve operational performance and cost-effectiveness. It also plans to build capability through selective acquisitions such as Howard S. Wright. The company said these factors, combined with fluctuations in working capital, were expected to result in a reduction in the net cash position.
The update concludes that the group’s businesses have continued to adapt well to the challenges facing the industry, and that the medium and long-term prospects for infrastructure markets remain positive.
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