Ahead of today’s Annual General Meeting, Balfour Beatty announces an update on trading for the period 1 January 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.

The positive momentum in Balfour Beatty’s key markets has continued since the 2024 full year results were published in March and the Group remains committed to a selective bidding approach in the continued pursuit of a high-quality and low-risk forward order book.

Notable orders in the period include:

• In the UK, the rail business has secured c£450 million of new work, including civil engineering works under CP7, track renewal with the Central Rail Systems Alliance and fleet supply and operation for Network Rail;
• The US Buildings business has been awarded a $385 million contract to construct the Grand Hyatt Miami Beach. The 17 storey, 800 guestroom hotel, includes convention spaces and retail areas and is scheduled for completion in late 2027; and
• The US Civils business has been awarded a $889 million contract by the Texas Department of Transportation to reconstruct a 3.7-kilometre section of Interstate 30 on the east side of Dallas County. The scheme will increase the number of general-purpose lanes from six to 12 to improve congestion and connectivity across the city and is scheduled for completion in 2031.

Over the first three months of 2025, the average monthly closing net cash balance was £1,060 million (FY 2024 average: £766 million, 2024 closing: £943 million). Given the strong cash performance in the year to date, the Board now expects 2025 average net cash in the range of £900 – £1,000 million.

The £125 million share buyback is on track to be completed by the end of the year, with approximately £46 million completed to date.