Balfour Beatty, the international infrastructure group, reports its financial results for the full-year ended 31 December 2011:
| (£m unless otherwise specified) | 2011 | 2010 | Change (%) |
|---|---|---|---|
| Revenue1 | 11,035 | 10,473 | +5 |
| Group revenue | 9,494 | 9,236 | +3 |
| Profit from continuing operations | |||
| – underlying2 | 331 | 325 | +2 |
| – reported | 243 | 220 | +10 |
| Pre–tax profit from continuing operations | |||
| – underlying2 | 334 | 306 | +9 |
| – reported | 246 | 201 | +22 |
| Earnings per share from continuing operations | |||
| – underlying2 | 35.5p | 32.7p | +9 |
| – basic | 26.7p | 23.0p | +16 |
| Dividends per share | 13.8p | 12.7p | +9 |
| Financing | |||
| – net cash before PPP subsidiaries (non–recourse) | 340 | 518 | |
| – net borrowings of PPP subsidiaries (non–recourse) | (332) | (270) |
2010 financial statements have been re-presented for the classification of Barking Power as a discontinued operation (see Note 7)
1 including joint ventures and associates;
2 before non-underlying items (see Note 5)
Highlights
- Strong performance demonstrates the diversity, flexibility and resilience of our business
- Order book stable at £15.2bn
- Revenue1 up 5%; up 6% on a constant currency basis and 4% on an organic basis
- Underlying profit from operations improved in all divisions except for Construction Services
- Existing cost efficiency programme delivering, with £15m of savings in 2011; a further £50m pa of savings targeted through a broader programme over the next three years
- £20m gain from infrastructure investment disposals; Directors’ valuation of the PPP portfolio increased to £743m
- Earnings per share up 9%; dividend increased by 9% to 13.8p
- Net cash position strong at £340m
“We delivered a strong performance in 2011, made further progress towards the delivery of our strategy and demonstrated the diversity, flexibility and resilience of our business. We are excited by the opportunities in growth sectors such as rail and power and growth markets like Australia, Canada and India.
“Our ongoing programmes to achieve cost efficiency and to recycle capital in our investments business were successful in 2011, and we plan to accelerate them. We have confidence that these programmes will underpin performance. This should ensure that we make progress in 2012.”
Ian Tyler, Chief Executive
