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Balfour Beatty to resume dividend, unveils £50m buyback plan
StockMarketWire.com
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Infrastructure group Balfour Beatty said it expected to resume its dividend and also lined up a £50 million stock buyback from January after lifting its guidance on its order book.
The year-end order book was expected to be around £17 billion, significantly higher than 2019's £14.3 billion thanks to the award of the notice to proceed on HS2 in April.
Balfour Beatty said it had continued to win material infrastructure projects across all its geographies in the second half of the year despite delays caused by Covid-19.
The company said it expected full-year group revenue to be in line with the prior year's £8.4 billion and profit from operations to be in line with the board's expectations.
Full-year average monthly net cash was now forecast to be around £500 million, ahead of the previous guidance of £430 million to £460 million, and above last year's £325 million, it added.
The company also said that chairman Philip Aiken, would be stepping down at the next annual general meeting in May 2021.
Story provided by StockMarketWire.com
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