(Alliance News) - Balfour Beatty PLC on Tuesday said it has launched the GBP50 million first tranche of its 2024 share buyback programme.
The London-based infrastructure construction firm said it has appointed its corporate brokers to manage the buyback tranche, which runs to June 30. Balfour didn't name the brokers, but its share buybacks have previously been conducted by Merrill Lynch International.
Last month, Balfour completed the repurchase of 43.3 million shares at an average price of 346.53 pence, making the 2023 buyback worth GBP150.0 million. On Tuesday, it said the total 2024 share buyback will be confirmed at its annual results in March.
Balfour Beatty shares closed at 332.00p on Friday, leaving them down 2.5% for 2023. It has a market capitalisation of GBP1.81 billion.
By Tom Waite, Alliance News editor
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Balfour Beatty (BBY)