Balfour Beatty plc (LSE:BBY) has upgraded its profit forecast as it continues to record a strong operational performance.
In a trading statement, the infrastructure group said profit for the year is now expected to be ahead of market expectations due to positive net interest income and the recognition of deferred tax assets significantly reducing the 2022 tax charge.
Meanwhile, profit from operations is forecast to meet previous guidance.
Balfour said it expects its year-end order book to be around 5% ahead of the £16.1bn achieved in full-year 2021, while full-year revenue is also forecast to rise by 5% from last year’s £8.3bn, thanks to favourable foreign exchange movements.
The company also raised its cash forecast, with full-year average monthly net cash now expected to be around £800mln, ahead of the previous guidance of £740mln-£780mln.
In the statement, Leo Quinn, Balfour Beatty’s chief executive, said: "We continue to expect a strong full-year operational and financial performance. Looking to 2023 and beyond, our improved, de-risked and diversified order book gives us confidence that we will continue to make progress in delivering profitable managed growth."