OHLA - comment

It’s been widely anticipated that OHLA would continue to see its order book development mirror the progress it has made since the completion of its restructuring program. At the quarter-end, it was 2.8% up on Q121 at €5.98bn. The return to consistent growth in backlog will provide a boost to the equity valuations. OHLA remains well placed to benefit from state-backed infrastructure spending in Europe and the US. During the quarter the company repaid the remaining €54m (Spanish State-backed) ICO loan and a €43m buyback of bonds from proceeds of a settlement of a claim with the Madrid region over a cancelled rail project.