Balfour Beatty powers into 2021 with ‘strong’ order book and ‘robust’ balance sheet

Leo Quinn
Leo Quinn

BALFOUR Beatty has revealed the business expects to deliver financial results in line with expectations for the full year, despite the challenges brought about by Covid-19.

In a trading update covering the period to December 8, the contractor said it responded ‘swiftly and decisively’ to the pandemic situation. Today, all the group’s sites are open and the ‘earnings-based businesses’ have ‘recovered steadily’ throughout the second half of 2020.

The year-end order book is expected to be around £17 billion, a rise on last year’s £14.3 billion, driven by the award of Notice to Proceed on HS2.

Full year group revenue is expected to be in line with last year’s £8.4 billion figure, while profit from operations is forecast to be in line with the board’s expectations.

Leo Quinn, Balfour Beatty group chief executive, said, “As the impact of Covid-19 reduces, we are seeing positive momentum across the business. Ours is an industry that underpins economies: going forward, it will help to drive recovery, including new jobs, new skills and a greener future.

“We look towards 2021 with a strong order book, a robust balance sheet and having maintained our expert capability. These attributes provide confidence that Balfour Beatty is well positioned to deliver value through profitable managed growth in both the medium and long term.”