Balfour Beatty told the City it is on course to meet expectations for its full year results in a positive trading update this morning.

Turnover for the full year is expected to be about 5% ahead of the prior year’s £8.9bn while “underlying profit from operations from earnings-based businesses “should be broadly in line with 2022’s £232m.

The order book at year end is also expected to be marginally higher than £16.4 bn reported at half year.

Balfour said its order book was unaffected by the Government’s decision to cancel HS2 Phase 2, which had yet to be contracted.

From next year Balfouris also expecting orders in the power business to expand, as the industry positions itself to deliver the infrastructure upgrades required to meet the UK Government’s Net Zero ambitions.

Leo Quinn, Balfour Beatty Group Chief Executive, said: “Balfour Beatty’s solid performance has continued in the second half of the year and the Board remains confident that the Group will achieve our expectations for the full year.

“We are pleased to confirm our fourth successive year of share buybacks in 2024, as our large order book, unique capabilities and balance sheet, provide a strong platform for continuing future shareholder returns.”