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.
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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
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