Balfour Beatty trading in line with expectations

Balfour Beatty, the international infrastructure group, has said trading has remained in line with its expectations over the past year.

In a statement the firm said: "The order book remained stable over the year despite weak market conditions in some of our core markets at a level in excess of £15bn. During the year, Support Services and US Construction order books increased while the UK Construction order book contracted."

The company sold its 25.5% effective interest in Barking Power to the Balfour Beatty Pension Fund at book value of £55m. The transaction was completed in December 2011 by way of a £55m additional contribution to the pension fund, thereby reducing the pension deficit and enabling the fund to make the purchase.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Average net cash for the year was around £200m, with year-end net cash at a similar level to that at the half-year.

"We continue to manage the business on the basis that conditions in our core markets will remain difficult while positioning the group to take advantage of the positive medium and long-term prospects for infrastructure markets," the firm added.

The share price rose 2.14% to 315.1p by 08:56.

NR