Balfour Beatty boosted by full-year results

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Balfour Beatty boosted by full-year results
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FTSE 250 infrastructure group Balfour Beatty (LON:BBY) saw its share price rise by 15.85% to 255.80p (as of 15:20 BST) as statutory pre-tax profits for 2019 climbed by 12%. Revenues for the period were up by 7.6%.

CEO Leo Quinn commented: “Five years into our Build to Last transformation programme, we continue to drive a culture of transparency, risk management and relentless improvement. Having focused Balfour Beatty’s geographic and operational footprint, we have invested significantly in capability, innovation and standard systems and processes.

“In this way we have created a scalable business which – together with the increasing order book – gives us confidence that the Group will continue to deliver profitable managed growth and cash generation on a sustainable basis.

“We are committed to delivering value from this performance. The Group is continuing to pay down around £150 million of borrowings in 2020 and in addition, the Board will review Balfour Beatty’s capital structure once there is clearer understanding of the COVID-19 situation“.

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