Balfour Beatty in ‘strong financial position’ thanks to multi-billion pound HS2 contracts
International infrastructure group Balfour Beatty has confirmed it is in a ‘strong position’ despite the ongoing disruption caused by COVID-19.
In a trading update this morning, the group announced it has seen a year-on-year increase in both its order book and average net cash.
As at April 30, Balfour Beatty order book was £17.4bn, over 20 per cent higher than the prior year end position.
In addition, the group’s average net cash for the first four months of the year was £464m, compared with £325m in 2019.
The group has attributed this growth to over £3bn of HS2 contracts awarded in April. Balfour Beatty, in joint venture with VINCI, will deliver Lots N1 and N2 south of Birmingham - comprising extensive earthworks, ground engineering, viaducts and tunnels along a 90 kilometre stretch - and the London hub station at Old Oak Common.
Leo Quinn, group chief executive, commented: “These remain challenging and uncertain times. Our priority will always be the safety and health of all our employees, customers, partners and the public.
“Build to Last has made Balfour Beatty a resilient organisation with a high-quality order book and a strong balance sheet.
“As we navigate the group through this exceptional year, we will maintain our focus on the longer term to ensure we are ready to capitalise fully on the significant opportunities in our chosen markets.”
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