Balfour Beatty PLC said trading so far this year has met its expectations, and that it continues to expect increased profit from operations this year.
In response, the stock was up 2.9% at 490.24 pence in London on Thursday afternoon.
The London-based infrastructure construction firm, ahead of its annual general meeting on Thursday, updated on trading in 2025 to date.
‘The group’s trading over the period has been in line with expectations and the board continues to expect an increase in profit from operations from its earnings-based businesses in 2025,’ Balfour Beatty said.
It added that since the publication of 2024 results in March, ‘positive momentum’ has continued in its key markets and it ‘remains committed to a selective bidding approach in the continued pursuit of a high-quality and low-risk forward order book’.
Balfour Beatty said notable orders in the year to date included around £450 million in new work for its rail business; a $385 million hotel construction contract for the US Buildings business; and a $889 million contract for US Civils to reconstruct a section of motorway in Texas.
The firm’s average monthly closing net cash balance was £1.06 billion, and it now expects £900 million to £1.00 billion in average net cash for 2025.
At the above-mentioned AGM, all resolutions were passed. However Balfour Beatty noted that Resolution 2, to approve the directors’ remuneration for 2024, had only 70.25% of votes in favour and 29.75% against.
‘The board notes the level of support for the DRR was lower than in prior years due solely to the 2025 pay review for the group’s Chief Financial Officer (CFO), Philip Harrison,’ the company said. ‘The pay review was in full compliance with the company’s Remuneration Policy, previously approved by shareholders.’
Balfour Beatty said the Remuneration Committee ‘considered that the positioning of Philip Harrison’s package reflects his significant experience and scope of his role and responsibilities and the decision was in the best interest of the company and shareholders’.
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