Ahead of today’s AGM, the group said trading since January had remained in line with expectations and it continued to target high single-digit percentage growth in profit from operations this year.
The contractor said demand across its key infrastructure markets remained strong, helping maintain a “high-quality, low-risk” order book while driving a string of major new contract awards in the UK, US and Hong Kong.
Power transmission continues to be one of Balfour Beatty’s biggest growth engines.
The contractor said it was delivering a growing pipeline of grid upgrade work for National Grid, SSEN and Scottish Power, with 15 transmission schemes currently in design.
Most are expected to move into construction over the next 18 months, triggering a major boost to the order book as full project values are added.
Transport work also gathered pace in the UK.
Balfour Beatty recently secured the £138m North Hykeham Relief Road dual carriageway and bridge project in Lincolnshire.
Its support services arm also banked the £315m Warwickshire highways maintenance contract, which could rise to £900m if extension options are taken up over 13 years.
Defence is emerging as another major growth target for the group.
Balfour Beatty said it had launched multiple pursuits for major Defence Nuclear Enterprise construction frameworks during the first quarter as it looks to expand its share of the fast-growing sector.
In the US buildings market, Balfour Beatty secured several major jobs including a $270m redevelopment project at the Fort Carson military base in Colorado to deliver around 400 homes for army families.
The contractor also landed a $150m data centre project for a long-term customer in the north-west US and a $140m high school build in California.
In Asia, Gammon — Balfour Beatty’s Hong Kong joint venture — also booked major wins including a new railway station in Hong Kong’s Northern Metropolis expansion zone and a residential scheme on Lantau Island worth around £330m to Balfour Beatty’s share.
The contractor’s balance sheet also continued to strengthen.
Average monthly closing net cash during the first quarter climbed to nearly £1.6bn from £1.2bn a year earlier.
