Results for the half-year ended 1 July 2011
17 August 2011
Continued resilient performance
Balfour Beatty, the international infrastructure group, reports its financial results for the half-year ended 1 July 2011:
| (£m unless otherwise specified) | 2011 first half | 2010 first half | Change(%) |
|---|---|---|---|
| Revenue1 | 5,222 | 5,160 | +1 |
| Group revenue | 4,512 | 4,605 | -2 |
| Profit from continuing operations | |||
| - underlying2 | 136 | 143 | -5 |
| - reported | 89 | 110 | -19 |
| Pre-tax profit from continuing operations | |||
| - underlying2 | 138 | 133 | +4 |
| - reported | 91 | 100 | -9 |
| Earnings per share | |||
| - underlying from continuing operations2 | 14.7p | 14.3p | +3 |
| - basic | 10.2p | 9.2p | +11 |
| Dividends per share | 5.3p | 5.05p | +5 |
| Financing | |||
| - net cash before PPP subsidiaries (non-recourse) | 292 | 500 | |
| - net borrowings of PPP subsidiaries (non-recourse) | (294) | (252) | |
Half-year highlights
- First-half performance demonstrates the diversity, flexibility and resilience of our business
- Order book up 6% at £15.5bn; up 8% on a constant currency basis
- Revenue1 up 1%; up 3% on a constant currency basis
- £14m gain from infrastructure investment disposal, improving underlying profit from operations
- Underlying pre-tax profit up 4%
- Interim dividend increased by 5% to 5.3p
- Strong net cash position at £292m after acquisitions, investments and working capital outflow (before non-recourse net debt)
"Although there are significant challenges in many of our markets, we have planned and structured our business to address these challenges, and we are confident of making progress this year.
Looking ahead, we will continue to manage the business on the basis that market conditions will remain tough. The clear strategy we have put in place, the scale and capabilities we have built over the last several years, the actions we have taken in individual markets and the cost measures we started implementing in 2010 will stand us in good stead.
We expect recovery in our markets in the medium term, and we have positioned ourselves to take advantage of the growing demand longer-term for infrastructure across the globe."
Ian Tyler, Chief Executive