Balfour Beatty plc (LSE:BBY) stuck to full-year guidance after noting progress had been made at several major projects.
Trading has been in line with expectations since the start of the calendar year, setting the infrastructure firm on course to increase earnings this year, Balfour said on Thursday.
Cash for 2024 should be in line with the £842 million on hand at the end of 2023, after averaging £756 million at the close of each month so far this year.
This is as work picks up on several major projects with Rolls-Royce Holdings PLC (LSE:RR.), SSE PLC (LSE:SSE) and BP PLC (LSE:BP.).
Early works have begun on nine electricity transmission projects across the north of Scotland in anticipation that the contracts will be extended into full awards by grid operator SSEN.
A letter of intent for work on BP and Equinor’s Teeside power and carbon capture plant has also been received, ahead of regulatory clearances and a final investment decision.
Rolls-Royce has selected Balfour to partner on plans to expand its Derby submarine plant ahead of the rollout of nuclear vessels for the US, UK and Australia under the AUKUS agreement.