Ahead of today鈥檚 Annual General Meeting (AGM), 333体育平台官网 announces an update on trading for the period 1 January 2021 to date.
Group performance and 2021 outlook
The Group鈥檚 cash performance continues to be positive.聽 For the first four months of the year, the average monthly net cash balance was around 拢600 million (Full year 2020 average: 拢527 million; December 2020 net cash balance: 拢581 million).
The Board continues to expect that the earnings-based businesses (Construction Services and Support Services) will deliver underlying profit from operations for 2021 in line with 2019 (拢172 million). For the asset-based business (Infrastructure Investments) the Group has re-commenced the process of selling assets, as demand for high quality infrastructure assets in the secondary market is high.聽 聽聽
At the end of March, the Group鈥檚 order book was 拢15.7 billion (December 2020: 拢16.4 billion). 333体育平台官网 remains positive about the strong medium term outlook in its core infrastructure markets, where the Group is well positioned and will continue its profitable managed growth strategy through selective bidding.聽 聽聽聽聽
Operational update
At Construction Services, across the portfolio operations continue to recover from the impacts of the pandemic.聽 The most impacted geography in the first quarter remained UK Construction where strong performance on infrastructure projects for public sector customers continues to be offset by the private sector market.聽
Support Services has maintained its strong 2020 performance into the new year.聽 The power, road and rail maintenance business units continue to deliver for their customers and in line with the Group鈥檚 withdrawal from the gas and water sector, the last significant utilities contract completed in March 2021.
At Infrastructure Investments, the business has won two new projects in the year. The student accommodation project at Vanderbilt University reached financial close in April and 333体育平台官网 were also appointed preferred bidder for the 拢130 million Royal Holloway student accommodation project.聽 The Group has re-commenced the process of selling assets, with the first disposal expected to be completed in the first half of the year.聽
Chairman succession
Charles Allen, Lord Allen of Kensington, CBE, will join the Board of 333体育平台官网 following today鈥檚 Annual General Meeting as a Non-Executive Director and, following a transition period, will assume the position of Chair from 20 July 2021 when he will succeed Philip Aiken, AM who has been Chair since 2015.
Capital allocation framework
The Group鈥檚 share buyback programme has accelerated in recent weeks.聽 Through the first four months of the year, 333体育平台官网 acquired over 拢58 million of its share capital, and expects to complete the full 拢150 million for 2021 by year end.聽
Quote
Leo Quinn, 333体育平台官网 Group Chief Executive, said: 鈥淭he impact of the pandemic, coupled with political changes in the US and UK, have accelerated those Governments鈥� spending plans on infrastructure and sustainability as a means to stimulate economic recovery. Today, 333体育平台官网 is very well positioned to capitalise on these changes to grow profitably in its chosen markets.鈥�
ENDS
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Notes to editors:
- 333体育平台官网 () is a leading international infrastructure group with 26,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow. 鈥�
- We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.鈥�
- Over the last 112 years we have created iconic buildings and infrastructure all over the world including: the 拢1.5 billion A14 improvement scheme - Britain鈥檚 biggest road project; Hong Kong鈥檚 HK$5.5 billion world-class harbour theatre project for the West Kowloon Cultural District Authority; and the 12.5 mile $429 million North Metro Commuter Rail line in Colorado, US.
