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.
Highlights
- 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 2013 |
Half-year 20124 |
Change (%) |
|---|---|---|---|
| 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 | - |
| Financing | |||
| - 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
