Upbeat Balfour Beatty anticipates dividend
14 December 2020
The UK鈥檚 largest construction group, Balfour Beatty, says it expects to pay a dividend when it reports its full-year earnings in March 2021.
Suggesting that the most damaging effects of the coronavirus pandemic are now behind it, Balfour Beatty has forecast that this year鈥檚 revenues will match the 拢8.4 billion (鈧�9.2 billion) the company made in 2019.
The forecast figure marks a stark reversal of fortune for the company, which reported a half-year loss in August, citing delays to some of its largest international projects, brought about by measures to reduce the spread of the virus.
Along with the potential dividend, Balfour Beatty is launching a 拢50 million (鈧�55 million) share buyback scheme.
Leo Quinn, Balfour Beatty鈥檚 CEO, said, 鈥淎s the impact of Covid-19 reduces, we are seeing positive momentum across the business.鈥�
The company鈥檚 order book for 2020 looks set to be approximately 鈧�18.7 billion, well ahead of last year鈥檚 鈧�15.7 billion. It has also forecast that its average monthly net cash at the end of the year will be in the region of 拢500 million (鈧�550 million), as opposed to the previously forecast maximum of 拢460 million 鈧�505 million).
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