Press Release

Results for the half-year ended 28 June 2013

14 August 2013


Balfour Beatty, the international infrastructure group, reports its financial results for the half-year ended 28 June 2013. The Group’s income statements have been represented to classify our UK facilities management business and our Mainland European rail businesses in Germany, Scandinavia and Spain as discontinued operations.


  • Order book2 up 3% at £13.9 billion with a strong US performance
  • Firm action to address UK construction underperformance and swift response to market deterioration in Australia expected to deliver Group performance in continuing businesses in line with current market expectations for 2013
  • Further strategic progress with 67% of order book now in economic infrastructure
  • Significant wins in target sectors and geographies
  • Agreement to sell WorkPlace, the UK FM business, for a consideration of c.£190 million
  • Strong balance sheet with comfortable headroom
  • Interim dividend maintained at 5.6 pence per share
(£m unless otherwise specified) Half-year
Change (%)
  • 1 including joint ventures and associates;
  • 2 from continuing operations (see Notes 9 and 26);
  • 3 before non-underlying items (see Note 7);
  • 4 represented to reflect the classification of the UK facilities management business and the Mainland European rail businesses in Germany, Scandinavia and Spain as discontinued operations. Comparatives have also been restated for the adoption of IAS 19 Employee Benefits (Revised) (Notes 1.4 and 26).
Revenue1,2 4,967 5,099 -3
Group revenue2 4,322 4,442 -3
Profit from operations      
- underlying2,3 52 156 -67
- reported2 1 98 -99
Pre-tax profit/(loss)      
- underlying2,3 45 150 -70
- reported2 (6) 92 -107
Net loss from discontinued operations (67) (6)  
Earnings per share - underlying2,3 6.3p 18.7p -66
(Loss)/earnings per share - basic (total group) (8.6)p 11.6p -174
Dividends per share 5.6p 5.6p -
-  net (borrowings)/cash before PPP subs. (non-recourse) (189) 34  
-  net borrowings of PPP subsidiaries (non-recourse) (380) (352)  

“Our markets continue to be challenging, but our actions are delivering the intended results. With sustained focus on operational delivery, we expect to achieve a performance in our continuing operations that is in line with the current market expectations for 2013.

“In the longer term, our goal is to capitalise on the growth in global infrastructure from an international footprint of local businesses. The benefits from this focus combined with the impending recovery in some of our mature markets position us well for the future.”

Andrew McNaughton, Chief Executive Officer

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