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Balfour Beatty plc Preliminary Results for the year ended 31 December 2007

05 Mar 2008

EXCELLENT PROGRESS IN BUILDING SHAREHOLDER VALUE

Financial Summary

2007 2006 Increase
Revenue including joint ventures and associates1 £7,488m £5,506m 36%
Pre-tax profit1
- before exceptional items and amortisation £201m £136m 48%
- after exceptional items and amortisation £157m £109m 44%
Earnings per share
- adjusted2 35.0p 27.3p 28%
- basic 35.1p 21.2p 66%
Financing
- net cash before PFI/PPP subsidiaries (non-recourse) £374m £305m
- net borrowings of PFI/PPP subsidiaries (non-recourse) £(61)m £(21)m

1 continuing operations
2 before exceptional items and amortisation of intangible assets, and including the pre-exceptional results of discontinued operations
3 from continuing operations, before exceptional items and amortisation of intangible assets

Highlights

  • Pre-tax profit3 up by 48% to £201 million
  • Adjusted earnings per share2 up by 28% to 35.0p
  • Cash generated from operations up by 29% at £281 million
  • Order book increased by 25% to £11.4 billion
  • Acquisition of Centex Construction significantly advances US strategy
  • GMH Military Housing acquisition to enhance US and PPP strategy
  • Good progress in other strategic acquisitions and investments
  • Final dividend of 6.9p, full-year dividend up 26% at 11.5p

"2007 was a very good year for the Group, both in terms of financial performance and progress made in pursuing our medium and long-term strategic objectives. Our cash position and our order book also improved significantly.

"We have record order books and an exceptionally strong pipeline of high-quality new work approaching contract. Our acquisitions will add substantially to our earning power. We are confident that we will continue to make further good progress in 2008 and beyond."

Sir David John, Chairman Ian Tyler, Chief Executive


View the full Preliminary Results 2007 (PDF, 111 KB)



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