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Financials

Highlights

  • Continued to grow in target geographies and sectors while facing challenges in UK and US construction markets
  • Order book up 1% at £15.3bn with 63% now economic infrastructure
  • Revenue1 down 1%; down 4% before the impact of foreign exchange and acquisitions
  • Continuing profit growth in Professional Services and Investments
  • Cost efficiency programme on track to achieve £80 million by 2015; £36 million of savings achieved at a non-underlying cost of £61 million in 2012
  • Directors’ valuation of the PPP portfolio at £734 million (2011: £743 million) after the disposal of two assets generating disposal gains of £52 million
  • Strategic decision taken to divest of Mainland European rail operations; non-underlying cost of £104 million incurred including £95m goodwill write down
  • Underlying earnings per share down 1%; full-year dividend increased by 2% to 14.1p

Financial summary

(£m unless otherwise specified) 2012 2011 Change (%)
Revenue1 10,896 11,035 -1
Group revenue 9,483 9,494 --
Profit from continuing operations      
– underlying2 309 331 -7
– reported 74 243 -70
Pre-tax profit from continuing operations      
– underlying2 310 334 -7
– reported 75 246 -70
Earnings per share from continuing operations      
– underlying2 35.0p 35.5p -1
– basic 6.5p 26.7p -76
Dividends per share 14.1p 13.8p +2
Financing      
– net cash before PPP subsidiaries (non-recourse) 35 340  
– net borrowings of PPP subsidiaries (non-recourse) (368) (332)  

1 including joint ventures and associates

2 before non-underlying items