Balfour Beatty reaffirms trading outlook

Leo Quinn
Leo Quinn

Balfour Beatty said it has made progress towards addressing the management issues around its UK construction business, as it reaffirmed its profit outlook for the full year.

The company, which has cut its profit forecast three times in the past five months, said today there had been no material change in trading since its last statement in September.

Balfour said its order book stood at £11.7 billion at the end of the third quarter, which was flat on the half year. The order book at the half year has been restated from the reported £13.0bn to £11.7b from continuing operations, to take account of the sale of Parsons Brinckerhoff.

Average net debt for the nine months to the end of September was £477m.

Leo Quinn is still expected to take over as chief executive on January 1 and the company is “actively” looking for a new non-executive chairman and chief financial officer.

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