In a trading update today, Balfour Beatty tells us to expect no surprises when its 2023 results are filed in a few months’ time as it is on track to deliver expectations.
Revenue for 2023 is expected to be about 5% ahead of 2022’s £8.9bn, which given inflation rates of the past 12 months equates to a slight fall in real terms.
Underlying operating profit from earnings-based businesses is expected to be broadly in line with last year’s £232m.
All three legs of the business, in the UK, USA and Hong Kong, report solid performances.
The order book at year-end is expected to be marginally higher than £16.4bn reported in June.
Looking ahead, Balfour Beatty has high hopes for orders in the power business to expand, with the infrastructure upgrades required to facilitate net zero ambitions.
Chief executive Leo Quinn 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.”