News Releases
Balfour Beatty Preliminary Results for the year to 31 December 2003
10 Mar 2004ANOTHER YEAR OF PROGRESS IN BUILDING SHAREHOLDER VALUE
Financial Summary
- Pre-tax profits* up by 10% at £130 million (2002: £118 million)
- Earnings per share* up by 28% at 20.6p (2002: 16.1p)
- Strong operating cash performance
- Increase in year-end net cash to £124 million (2002: £67 million)
- Final dividend of 3.4p. Full-year dividend of 6.0p (2002: 5.4p)
* before £5 million exceptional profit (2002: £9 million loss) and goodwill amortisation £17 million (2002: £21 million) which reconciles with profit before tax, but after goodwill amortisation and exceptional items, of £118 million (2002: £88 million)
Highlights
- End-year order book up 14% at £5.8 billion
- Six PPP concessions converted to contract
- Metronet concessions bring £1.2 billion construction contracts
- Acquisition of Mansell further strengthens building sector
- Preferred bidder for £521 million Birmingham PFI hospital project
“2003 was another year of achievement in pursuit of our key objective of sustainable growth. Profit and earnings growth was satisfactory. Once again, our operating cash flow was strong, fully underpinning profits, reflecting our maintained focus on working capital at a time of increasing sales volumes. Our order book grew by 14% to £5.8 billion during the year. We also completed the acquisition of Mansell, a leading UK construction and construction services company.
“Overall, we expect to see further growth in 2004 and to make progress accordingly.”
| Sir David John | Mike Welton |
| Chairman | Chief Executive |
View the full Preliminary Results 2003 (PDF, 806 KB)
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