Balfour Beatty, which with VINCI is delivering a vital part of the iconic infrastructure project that is HS2, has issued a trading update covering the period to 7, December 2023.
It reported that its year-end order book is expected to be marginally higher than the £16.4 billion reported in its half-year statement. Revenue for 2023 is expected to be about 5% ahead of the £8.9 billion reported for the 2022 financial year, with major contributions from higher HS2 volumes in the UK and increased major airport project activity in Hong Kong.
HS2 works at Area North and Old Oak Common are continuing to progress well, and the Group's order book is unaffected by the Government's decision to cancel the extension of HS2 in Phase 2 as none of that work had yet been contracted.
Among the construction projects being carried ou by Balfour Beatty is connection with HS2 is the Curzon Viaduct, and the Saltley Viaduct, both in Birmingham. In South Wales, Balfour Beatty is involved in electrification of the Valley lines.
Leo Quinn, Balfour Beatty Group Chief Executive, said: “Balfour Beatty's solid performance has continued in the second half of the year and the Board remains confident that the Group will achieve our expectations for the full year.
“We are pleased to confirm our fourth successive year of share buybacks in 2024, as our large order book, unique capabilities and balance sheet, provide a strong platform for continuing future shareholder returns.”
