Balfour Beatty PLC on Friday said that trading since the start of 2023 has been in line with expectations.

The London-based infrastructure construction firm said at the end of March, the order book fell 2.3% to £17.0 billion from £17.4 billion at the end of December.

The company added that it expects 2023 profit from operations from its earnings-based business to be broadly in line with 2022. Profit from operations in 2022 was £83 million, down 14% from £97 million in 2021.

Balfour noted that new projects added in the first quarter of 2023 include a £297 million seven-year East Sussex road maintenance contract, a $242 million design-build highways contract in North Carolina and $230 million of data centres in the US northwest.

The company said in the quarter, the average monthly closing net cash balance fell 9.2% to £740 million from an average of £815 million for the year 2022.

Looking ahead, Balfour continues to anticipate a 2023 working capital outflow between £75 million and £125 million, widened from £54 million in 2022, and to complete the £150 million share buyback by the end of the year, with half of that completed to date.

Balfour Beatty shares were 0.1% lower at 389.80 pence each in London on Friday morning.

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