In an interim management statement for2 July to 9 November 2011, the construction group says that trading remains in line with expectation and its UK cost cutting programme was having the desired effect.
“Our order book remains in line with the £15.5 billion reported at the half-year with a small increase in the US construction order book offset by a reduction in UK construction,” the company said.
“While the UK government's austerity measures impact the UK construction market, we expect the power and commercial markets to pick up in the medium term to offset the shortage in public projects. In the meantime, we are pressing ahead with our previously announced cost reduction programme in addition to the cost base adjustments that are a normal course of our business.”
It concluded: “We continue to believe that the medium and long-term prospects for infrastructure markets remain positive. In the meantime, we are managing the business on the basis that market conditions will continue to be tough and remain confident of making progress this year.”