Average monthly net cash at UK鈥檚 biggest contractor on the rise
Balfour Beatty鈥檚 turnover this year is expected to top 拢8.5bn, the firm said in a trading update this morning.
The country鈥檚 biggest builder said the increase had been largely driven by foreign exchange rates and added that income would be 5% up on last year鈥檚 拢8.3bn meaning it would be just over 拢8.7bn.
It added profit from its operations would be in line with expectations while average monthly net cash is forecast to be around 拢800m, up from the previous guidance of 拢740m to 拢780m.
In the update, Balfour said profit for the year would be ahead of expectations 鈥渄ue to positive net interest income and the recognition of deferred tax assets significantly reducing the 2022 tax charge鈥�.
It said that it had also sold five investments during the year for 拢90m, booking a 拢65m profit on disposal.
The firm is due to unveil its 2022 results on 15 March next year.
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