Balfour Beatty 2008 to be at top end
Contractor Balfour Beatty said order intake and trading performance is expected to remain strong for the rest of 2008, with performance over the full year expected to be at the top end of current expectations.
The company said it is seeking to raise in the region of £180m through a placing of 43.3m new ordinary shares, representing just under 10% of the company’s issued share capital.
The move follows the completion at the start of May of the £178m acquisition of GMH Military Housing, which took Balfour Beatty’s spending spree on acquisitions and investments since January 2007 up to £570m.
The proceeds will be used to fund bolt-on acquisitions and organic growth opportunities.
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The company also gave an update on current trading, saying performance in 2008 thus far has been strong.
A number of major new orders have been secured across all parts of the group in all parts of the world in which the group operates.
The confirmed order book and anticipated work pipeline is looking even healthier than it did at the end of 2007.
