A trading update from the firm said that although year-on-year construction revenue was down during the period, 鈥渢he rate of decline reduced from that in the first half, and the period saw very strong order intake鈥�.
It added: 鈥淚n the UK, continued strength in the civil and construction markets has been offset by weakness in the mechanical and electrical engineering and rail markets. Operational performance has continued to be good with continuing focus on cost efficiency.鈥�
鈥淭he medium and long-term prospects for infrastructure markets in the Group's geographies remain positive, while contract wins during Q3 have increased the order book to more than 拢15bn.鈥�
In support services, Balfour Beatty reported that 鈥渞educed volumes at the beginning of the AMP5 water utility cycle seen in the first half have continued through the period鈥�.
However, it expects a recovery, and said 鈥減rospects continue to look healthy, particularly with UK Government and local authorities increasingly looking to outsource to the private sector鈥�.
Overall, the firm said: 鈥淧erformance has been consistent with the outlook given at the time of the half-year results, demonstrating the resilience of our business in the current economic environment derived from our geographic spread, diverse capabilities and end-markets, and our continuing focus on cost efficiency.
鈥淭he financial position of the Group remains good with a strong balance sheet to support our growth ambitions. Average net cash for the third quarter remained strong, exceeding 拢400m.
鈥淏alfour Beatty is strategically well-placed in major markets to benefit from the long-term, growth in global infrastructure spending. The Group's order book and its capabilities across the infrastructure lifecycle and its operations in diverse markets and geographies give the business strength and resilience.鈥�
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