Balfour Beatty FY revenues seen broadly in line with prior year

Construction company Balfour Beatty said on Thursday that 2021 full-year revenues were expected to be broadly in line with the prior year.

Balfour Beatty stated full-year group revenue was expected to be approximately double its half-year revenue of £4.2bn, putting it just shy of last year's figure of £8.6bn, while underlying profits from its earnings-based businesses were forecast to be in line with 2019's pre-Covid comparative of £172.0m.

The FTSE 250-listed firm highlighted that its year-end order book was expected to be around £15.5bn, down only slightly from the £16.4bn reported at the end of 2020, with the group continuing to win work on projects across its portfolio.

Balfour Beatty added that its cash performance continued to be strong in the second half of the year, with full-year average monthly net cash expected to be over £650.0m, up from 2020's figure of £527.0m.

Chief executive Leo Quinn said: "Looking to 2022, the group has a high-quality order book. We are strongly positioned in three geographies where fiscal expansion, green infrastructure growth and, in the US, public private partnerships all play to our unique engineering capability.

"We remain confident of capitalising on these factors to drive superior returns."