Highlights
- Continued recovery in underlying profit from operations (PFO) at £197 million (2020: £51 million)
- Underlying PFO from earnings-based businesses at £181 million, ahead of expectations (2020: £75 million; 2019: £172m)
- Strong cash performance: full year average net cash at £671 million (2020: £527 million; 2019: £325 million)
- Sector leading balance sheet, underpinned by £1.1 billion Investments portfolio (2020: £1.1 billion)
- Higher quality order book at £16.1 billion (2020: £16.4 billion) provides clear short- and medium-term visibility
- US Department of Justice investigation into military housing complete following US$65 million resolution in December 2021
- Recommended full year dividend 9.0 pence per share (2020: 1.5p) equivalent to £57 million
- Today announcing next phase of multi-year share buyback programme of £150 million for 2022 (2021: £150 million)
|
(£ million unless otherwise specified) |
2021 |
|
2020 |
|||
|
Underlying2 |
Total |
|
Underlying2 |
|
Total |
|
|
Revenue1 |
8,280 |
8,263 |
|
8,587 |
|
8,593 |
|
Profit from operations |
197 |
97 |
|
51 |
|
63 |
|
Pre-tax profit |
187 |
87 |
|
36 |
|
48 |
|
Profit for the year |
194 |
139 |
|
25 |
|
30 |
|
Basic earnings per share |
29.7p |
21.3p |
|
3.7p |
|
4.4p |
|
Dividends per share |
|
9.0p |
|
|
|
1.5p |
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
||||
|
Order book1 |
£16.1bn |
|
£16.4bn |
|||
|
Directors' valuation of Investments portfolio |
£1.1bn |
|
£1.1bn |
|||
|
Net cash – recourse |
790 |
|
581 |
|||
|
Net cash / (debt) – non-recourse3 |
(243) |
|
|
|
(317) |
|
|
Average net cash – recourse |
671 |
|
|
|
527 |
|
Leo Quinn, Balfour Beatty Group Chief Executive, said: “In 2021, despite the challenges presented by COVID-19, we have delivered operating profits ahead of expectations.
“Balfour Beatty emerges from the last two years with capabilities intact and a higher quality order book. Together these provide the visibility to deliver profitable managed growth and sustainable cash generation.
“With a transformed portfolio focused on favourable infrastructure markets across our chosen geographies and our sector leading balance sheet, we are confident of delivering significant future returns to shareholders.”
Read the full announcement here.
Notes:
1 Including share of joint ventures and associates
2 Before non-underlying items (Note 9)
3 Non-recourse net borrowings are cash and debt that are ringfenced within certain infrastructure investments project companies
A reconciliation of the Group’s performance measures to its statutory results is provided in the Measuring our financial performance section
ENDS
Investor and analyst enquiries:
Angus Barry
Tel. +44 (0)7966 281635
angus.barry@balfourbeatty.com
Media enquiries:
Antonia Walton
Tel. +44 (0)7966 929633
antonia.walton@balfourbeatty.com
All non-media related enquiries should be directed to +44 (0)20 7216 6800 or info@balfourbeatty.com
Notes to editors:
- Balfour Beatty (www.balfourbeatty.com) is a leading international infrastructure group with 26,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.
- We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.
- Over the last 113 years we have created iconic buildings and infrastructure all over the world including: the £1.5 billion A14 improvement scheme - Britain’s biggest road project; Hong Kong’s HK$5.5 billion world-class harbour theatre project for the West Kowloon Cultural District Authority; and the 12.5 mile $429 million North Metro Commuter Rail line in Colorado, US.
