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Balfour Beatty plc Results for the half-year ended 26 June 2010

11 August 2010

STRONG PERFORMANCE WITH HIGH-QUALITY ORDER BOOK ACROSS INTERNATIONAL MARKETS

Balfour Beatty, the international infrastructure Group, reports its financial results for the half-year ended 26 June 2010:

  2010 first half 2009 first half
Revenue4 including joint ventures and associates £5,199m £5,072m
Group revenue £4,605m £4,388m
Profit from operations¹    
- before exceptional items and amortisation £151m £113m
- after exceptional items and amortisation £91m £86m
Pre-tax profit1    
- before exceptional items and amortisation £141m £107m
- after exceptional items and amortisation £81m £65m
Earnings per share1,2    
- adjusted3 15.5p 14.9p
- basic 9.2p 9.4p
Dividends per share2 5.05p 4.79p
Financing    
- net cash before PPP subsidiaries (non-recourse) £500m £394m
- net borrowings of PPP subsidiaries (non-recourse) £(252)m £(190)m

1 restated for the adoption of IFRIC 12 Service Concession Arrangements
2 per share data has been restated for the bonus element of the 2009 rights issue
3 before exceptional items and amortisation of intangible assets
4 including share of revenue of joint ventures and associates

Financial highlights

Operational highlights

“We are reporting another strong performance in the first half of 2010.

We have created a Group which is uniquely well-placed in major markets to benefit from the long-term, global growth in investment in infrastructure. While the timing of short-term movements in individual markets is difficult to predict, we now have significant capabilities across the infrastructure lifecycle and operate in diverse markets and geographies, which gives us strength and resilience.

We have a high-quality order book of £14.6 billion at June 2010 and a number of opportunities in the second half of the year. This, along with the actions taken and proposed to drive efficiency, means we are well-positioned to manage any challenges in individual markets. Our continuing progressive dividend policy reflects our confidence in the Group’s ability to deliver growth over the medium term.

Overall, we remain confident about the outlook for the Group.”

Ian Tyler, Chief Executive

Download the full Half-year Results 2010 (PDF 400 KB)

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