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Balfour Beatty reports strong growth in 2008

Balfour Beatty has reported strong growth in 2008 in the building sector, in a trading update published on January 14.
The building services giant says its balance sheet and financial position remains strong, with average net cash for the second half of 2008 around £250m.

Balfour Beatty finished 2008 with a confirmed order book that beat its £12.1 billion figure reported in June.

The building services giant expects to make further progress in 2009 despite the tough economic environment.

In 2008, the UK civil engineering businesses delivered particularly good results.

Balfour Beatty experienced continued growth in infrastructure expenditure particularly in healthcare and education. It says it expects to secure financial close on its four preferred bidder PFI projects in the first half of 2009.

The trading update stated the Balfour Beatty's growth has been 'driven by the performance of acquisitions and the strength of our business with public sector and regulated customers which, in both the UK and the US, accounts for most of our work'.

Balfour Beatty also said its performance had been achieved in spite of the slowdown in private sector work and the write-down of a building services project.

Balfour Beatty will announce its preliminary results on March 5.
14 January 2009

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