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2015 full-year results

15 March 2016

(£ million unless otherwise specified)












Loss from operations2 (PFO)





Pre-tax loss2





Total loss





Loss per share2





Dividends per share















Order book1,2,3




Directors' valuation of Investments portfolio




Net cash – recourse




Net borrowings – non-recourse





Strong progress in first year of transformation


Financial Summary

  • Order book and revenues stabilising - favourable markets enabling more selective bidding
  • Underlying pre-tax loss reflects historic projects – UK projects expected to be 90% complete in 2016
  • Strong cash performance - £163m net cash
  • Board expects to reinstate dividend, at an appropriate level, at the Interim results in August 2016

Build to Last

  • New processes and controls providing transparency and improving execution
  • Order book quality improving – strong pipeline of opportunities
  • On course to deliver first 24-month targets of £200m cash in/£100m cost out - £357m cash improvement year-on-year, excluding net proceeds from Parsons Brinckerhoff

Leo Quinn, Group Chief Executive, commented, “In its first year, Build to Last has achieved significant progress in transforming Balfour Beatty.

“We have upgraded the leadership team and set out a clear direction. We are implementing consistent processes to integrate our businesses into a Group with greater transparency and control. Our main markets are providing a positive backdrop, so that with stronger governance we can both win and deliver business on the right terms. Looking to the future, we are investing to maintain Balfour Beatty’s expertise and assets.

“By the end of 2016 we will achieve our Phase One targets: our costs are coming down, our cash flow has improved substantially and we expect to reinstate our dividend later this year. Over the following 24 months, I am confident we can reach industry-standard margins. But above all, Build to Last is putting in place the foundations to build a Balfour Beatty with market leading strengths and performance over the longer term.”



1 including share of joint ventures and associates

2 from continuing operations

3 before non-underlying items (Note 8)


Analyst/investor enquiries:

Peter Young

Tel. +44 (0)20 7216 6824


Media enquiries:

Louise McCulloch

Tel. +44 (0)20 7216 6846


Tulchan Communications:

David Allchurch

Tel. +44 (0) 207 353 4200


Analyst presentation:

A presentation to analysts and investors will be made at Numis, The London Stock Exchange Building, London EC4M 7LT at 09:00 (UK time) on 15 March 2016. There will be a live webcast of this presentation on: