NuGen Properties

Balfour Beatty reports healthy UK construction margins


Chief executive Leo Quinn

In a trading update ahead of its annual general meeting today, Balfour Beatty said that overall trading has been in line with expectations so far this year.

The order book stood at £15.6bn at the end of March, down £500m from three months before.

Over the first four months of 2022, the average monthly closing net cash balance increased to around £800m although the monthly average for the full year will be a little lower than this – but up on 2021’s monthly average of £671m.

Within Construction Services, operational performance is in line with expectations despite some continuing Covid-19 related restrictions in Hong Kong. US Construction is anticipated to deliver a 1-2% margin for the 2022 full year. UK Construction remains on track to deliver industry standard margins of 2-3% for the 2022 full year, the board said.

The Support Services are in line with the margin target of 6-8%, albeit on a lower revenue base having left the gas and water sector. The rail business recently agreed a £120m programme of work for Network Rail as part of the 10-year Central Rail Systems Alliance track renewals programme.

Group chief executive Leo Quinn said: “We remain confident that the group is well positioned for 2022 and beyond. Our business portfolio has been transformed to focus on the growing infrastructure markets of the UK, US, and Hong Kong – each underpinned by strong government investment programmes. The strength of our balance sheet and the higher quality of our order book will enable us to maximise these opportunities for profitable growth while remaining resilient to the current macro-economic challenges.”

Got a story? Email [email protected]



Source link


Customer Reviews

Nugen Properties

Customer Reviews

Dan Morten 18/01/22

Google
Easy to work with, Jordan and the team were professional and were easy to communicate with.
Would highly recommend.

Di Hayes 20/08/22

Google
NuGen Properties built an extension to the rear of my property, replacing the old conservatory. I am so pleased I chose this company. From the initial quotation, through the build and after they were professional, polite & well mannered. They kept the site tidy throughout the build and kept me informed of each stage as it happened. The work was finished to a good standard and I have had nothing but compliments on their work. I am already planning for them to come back and do some more work for me in a few months. I would 100% recommend them.

Bradley Eyles 20/06/23

Google
Nugen were fantastic throughout the works they carried out on my property, Jordan provided constant updates and ensure any questions I had were always answered. All works were completed in a timely fashion, on budget and exceptional customer service. Highly recommend!

Sonny Carter-heyward 29/02/22

Google
Brilliant service, renovated my house to make a dream a reality. Thanks guys

sitemanager 22/01/23

Google
Great firm to communicate with fast and good quality work.