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Balfour Beatty Says 'strong Financial Position', But Suspends Dividend

Infrastructure company Balfour Beatty Plc. (BBY.L) said that it continues to benefit from the strong financial position that it has built up over the last five years.

The company has decided to cancel the final dividend for 2019. However, it will shortly be giving notice to preference shareholders of its intention to redeem in full the 112 million pounds of preference shares that fall due on 1 July 2020. Previously, the Group had stated that the Board would keep the appropriateness of paying the final dividend for 2019 under review until the rescheduled AGM.

The Group's order book as at 30 April 2020 was 17.4 billion pounds, over 20% higher than the prior year end position.

In May, 83% of Balfour Beatty's UK and US construction sites were operational.

In Construction, the majority of Balfour Beatty's projects have remained operational throughout the period with the trend now improving week to week. In April, 78% of the Group's sites, across the UK and US, were open.

In May, whilst 83% of sites were open and 17% were closed, of those open 17% experienced significant disruption due to the availability of employees, subcontractors or materials, the company said.

In March 2020, the company suspended all guidance until such time as the overall impact of COVID-19 became clearer. At this time, therefore, the Group remains unable, as yet, to reinstate financial guidance, the company said.

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