Balfour Beatty plc, the international infrastructure group, provides this trading update ahead of its results for the half-year ended 1 July 2011 which will be announced on 17 August 2011.
There has not been any material change in trading conditions since our Q1 Interim Management Statement of 10 May 2011. As a result, overall trading performance continues to be consistent with our expectations. As indicated in our previous announcements, we expect the split of profits to be more second-half weighted than in 2010.
At an operational level, we are reassured by the stability of our order book in the first five months of the year. We expect 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.
We continue to use our strong balance sheet to invest in our business in order to drive organic growth, improve operational performance and cost-effectiveness and build capability through selective acquisitions such as Howard S. Wright. These factors, combined with fluctuations in working capital, are expected to result in a reduction in the net cash position.
We are pleased to report that our businesses have continued to adapt well to the challenges facing our industry, and the medium and long-term prospects for infrastructure markets remain positive.
Balfour Beatty plc
Tel 020 7216 6924
Balfour Beatty plc
Tel 020 7216 6865
This document contains forward looking statements which have been made in good faith based on the information available at the time of its approval. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of risks and uncertainties that are inherent in any forward looking statement which could cause actual results to differ materially from those currently anticipated.
Notes to Editors:
Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group with capabilities in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail).
The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction, and facilities management services.
Balfour Beatty employs 50,000 people around the world.