Balfour Beatty gears up for 2024 share buyback programme

2nd Jan 2024 07:23

(Sharecast News) - Infrastructure specialist Balfour Beatty appointed corporate brokers to oversee the initial phase of its 2024 share buyback programme on Tuesday.

The company said the programme aimed to repurchase up to £50m of shares, and was scheduled to be completed by 30 June.

It said it would disclose the final details with its full-year results announcement in March.

The share would be repurchased through open market transactions and would be subject to market conditions, share prices, and trading volume.

It said the primary objective of the buyback was to reduce Balfour Beatty's share capital, with the acquired shares being held in treasury.

The company was authorised to purchase up to 63,162,140 shares, representing the remaining balance of shareholder authority granted at the 2023 annual general meeting.

At 0932 GMT, shares in Balfour Beatty were up 0.91% at 334.2p.

Reporting by Josh White for Sharecast.com.