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Interim Results for the half-year to 28 June 2003

• Pre-tax profits* up 6% at £51 million (2002: £48 million)


• Earnings per share* up by 29% at 8.1p (2002: 6.3p)


• Strong operating cash performance


• Period-end net cash at £104 million (29 June 2002: £41 million)


• Interim dividend increased by 11% to 2.60p (2002: 2.35p)


• Increased pension contribution at first-half cost of £6 million

* Before goodwill amortisation of £9 million (2002: £8 million), which reconciles with profit before tax and after goodwill amortisation of £42 million (2002: £40 million). Basic earnings per share were up by 37% at 5.9p (2002: 4.3p).

Operational Highlights

• Record order book up 33% from June 2002 at £6.4 billion


• Financial close for two London Underground PPP concessions


• Four other PPP/PFI concessions converted to contract


• Over £1.5 billion of new contracting work secured through PPP


• Preferred bidder on major new UK rail renewal and power upgrade contracts


• Principal market prospects encouraging

“It is pleasing to be able to report another period of growth in Balfour Beatty’s profits and earnings. Once again, operating cash flow was highly satisfactory with a very strong working capital performance.

“During the first half of the year, the Group’s markets have generally been strong, although the US market has been weaker than last year. Public sector expenditure on major UK building and transport infrastructure projects has continued to grow and PPP/PFI has continued to provide a good selection of opportunities in our areas of expertise.

“We remain clearly focused on sustained increases in shareholder value and are confident of delivering further progress in the second half of 2003 and beyond.”

Sir David John, Chairman

Mike Welton, Chief Executive

View PDF of full Interim Results press release.

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