Highlights
- Underlying profit from operations (PFO) increased by 69% to £66 million (2017: £39m)
- Average net cash £161 million (2017: £45m); half-year net cash £366 million (2017: £161m)
- Underlying UK Construction PFO £5 million (2017: £2m), after £15 million charge on Aberdeen Western Peripheral Route
- Higher quality order book increased 11% to £12.6 billion (2017: £11.4bn), whilst maintaining Build to Last disciplines
- Directors’ valuation of Investments portfolio stable at £1.2 billion, post £108 million of sale proceeds
- Interim dividend payment up 33% to 1.6 pence per share (2017: 1.2 pence)
|
(£ million unless otherwise specified) |
Half-year 2018 |
|
Half-year 2017 |
|||
|
Underlying3 |
Total |
|
Underlying3 |
|
Total |
|
|
Revenue1,2 |
3,836 |
3,839 |
4,191 |
4,201 |
||
|
Profit from operations2 |
66 |
60 |
39 |
29 |
||
|
Pre-tax profit2 |
56 |
50 |
22 |
12 |
||
|
Profit for the period |
52 |
69 |
23 |
20 |
||
|
Basic earnings per share2 |
7.5p |
10.1p |
3.2p |
2.0p |
||
|
Dividends per share |
|
1.6p |
|
|
|
1.2p |
|
|
|
|
|
|
|
|
|
HY 2018 |
HY 2017 |
FY 2017 |
||||
|
Order book1,2,3 |
£12.6bn |
£11.4bn |
£11.4bn |
|||
|
Directors' valuation of Investments portfolio |
1,185 |
1,235 |
1,244 |
|||
|
Net cash – recourse |
366 |
161 |
335 |
|||
|
Net cash – non-recourse4 |
(329) |
|
(292) |
|
(305) |
|
Leo Quinn, Group Chief Executive, said, “All our businesses are now either achieving industry standard margins or on track to do so in the second half. The disciplines installed under Build to Last are also enabling us to increase the order book with key infrastructure projects to translate Balfour Beatty’s expert capabilities into future profitable growth.
“Given the strength of our balance sheet and the Board’s confidence that the Group’s full year earnings will meet expectations, we are raising the interim dividend by 33% and plan to repay the outstanding convertible bonds this year.”
Notes:
1 including share of joint ventures and associates
2 from continuing operations
3 before non-underlying items (Note 8)
4 non-recourse net borrowings are cash and debt that are ringfenced within certain infrastructure concession project companies
A reconciliation of the Group’s performance measures to its statutory results is provided in the Measuring Our Performance section.
Investor and Analyst enquiries:
Angus Barry
Tel. +44 (0)20 7216 6824
Media enquiries:
Louise McCulloch
Tel. +44 (0)20 7216 6846
louise.mcculloch@balfourbeatty.com
Investor and Analyst presentation:
A presentation to investors and analysts will be made at The London Stock Exchange Building, 10 Paternoster Square, London, EC4M 7LT on 15 August 2018 at 09.00.
Notes to editors:
-
Balfour Beatty (www.balfourbeatty.com) is a leading international infrastructure group. With 28,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
Our main geographies are the UK, US and Far East. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
