Balfour Beatty Plc (LON:BBY), today announced half year results for the half year ended 29 June 2018
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) |
|
Balfour Beatty, 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.”
