Balfour Beatty has upgraded its cash forecast for the year after enjoying a bumper start to 2025.

Ahead of its AGM today, the contractor revealed that average monthly net cash hit £1.06bn in the first three months of the year — well above the £766m average recorded in 2024.

Bosses now expect average net cash for 2025 to come in between £900m and £1bn, marking a significant improvement on previous expectations.

Trading remains in line with forecasts, with the board still predicting an uplift in profit from its core earnings-based businesses this year.

The order book has been bolstered by a string of big wins in the UK and US, including around £450m of UK rail work and a £710m highways job in Texas.

A £308m deal to build the Grand Hyatt hotel in Miami Beach has also been secured by the US Buildings arm.

Meanwhile, its £125m share buyback remains on track to complete by the end of 2025, with £46m of shares already repurchased.