Balfour Beatty PLC Balfour Beatty Trading Update (0216Z)
12 December 2017 - 6:00PM
UK Regulatory
TIDMBBY
RNS Number : 0216Z
Balfour Beatty PLC
12 December 2017
12 DECEMBER 2017
BALFOUR BEATTY TRADING UPDATE
Balfour Beatty, the international infrastructure group, provides
a trading update covering the period to 11 December 2017.
Group performance in 2017 remains in line with Board
expectations. The second phase of the Build to Last transformation
programme is continuing to deliver fundamental change to the Group,
with the business increasingly confident of achieving
industry-standard margins in the second half of 2018.
The year end net cash is expected to be in line with prior year,
with average net cash for the year around GBP40 million.
The Group continues to win new business in its chosen markets on
terms and at rates which reflect the bidding discipline and risk
management introduced under Build to Last. The 2017 year end order
book is expected to be broadly in line with the half year, post
disposals.
The Company continues to execute its strategy to simplify the
Group and strengthen the balance sheet. The proceeds from the
recent disposal of Heery International, operating cash flows and
expected future sales from the Investments portfolio, place Balfour
Beatty in an excellent position to pay down borrowings as they fall
due in 2018.
Leo Quinn, Balfour Beatty Group Chief Executive, said: "The
actions that we have taken during the first three years of Build to
Last have laid a solid foundation for long term profitable growth.
We continue to invest in our capabilities while de-risking the
business.
"The order book increasingly consists of projects bid and
delivered under our enhanced transparency, governance and controls
and I remain confident that the Group will achieve
industry-standard margins in the second half of 2018."
The Group's full year results will be published on 14 March
2018.
ENDS
Investor and Analyst enquiries:
Angus Barry
Tel. +44 (0)20 7216 6824
angus.barry@balfourbeatty.com
Media enquiries to:
Louise McCulloch
Tel. +44 (0)20 7216 6846
louise.mcculloch@balfourbeatty.com
Notes to editors:
-- Balfour Beatty (www.balfourbeatty.com) is a leading
international infrastructure group. With 30,000 employees, we
provide innovative and efficient infrastructure that underpins our
daily lives, supports communities and enables economic growth. We
finance, develop, build and maintain complex infrastructure such as
transportation, power and utility systems, social and commercial
buildings.
-- Our main geographies are the UK, US and Far East. Over the
last 100 years we have created iconic buildings and infrastructure
all over the world including the London Olympics' Aquatic Centre,
Hong Kong's first Zero Carbon building, the National Museum of the
Marine Corps in the US and the Channel Tunnel Rail Link.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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