News Releases
Balfour Beatty plc Interim results for the six months to 26 June 2004
11 Aug 2004STRONG UNDERLYING GROWTH AUGMENTED BY FIRST-HALF SETTLEMENTS
Highlights
- Continued growth in underlying pre-tax profits and earnings per share
- Financial settlement and handover of rail maintenance contracts
- Strong operating cash performance
- Order book increased by 12% to £6.5 billion since year-end
- Two new PPP concession preferred bidder awards
- Interim dividend increased by 10% to 2.85p
Post Half Year
- Disposal of Andover Controls for $403 million (£226 million)
- Acquisition of 50% interest in Gammon in Hong Kong
Financial Summary
| 2004 | 2003 | Change | |
| Turnover including joint ventures and associates | £1,992m | £1,751m | 14% |
| Pre-tax profit | |||
| - before goodwill amortisation and exceptionals | £68m | £51m | 33% |
| - after goodwill amortization and exceptionals | £61m | £42m | 45% |
| Earnings per share | |||
| - adjusted* | 10.7p | 8.0p | 34% |
| - basic | 7.5p | 4.8p | 56% |
| Financing | |||
| - Net cash before PPP subsidiaries (non-recourse) | £121m | £104m | 16% |
| - Net borrowings on PPP subsidiaries (non-recourse) | £(238m) | £0m |
* before the amortisation of goodwill, exceptional items and the premium arising on buy-back of preference shares
“Our first half year results reflect significant underlying profit growth. Operating cash performance was once again very satisfactory. This year, due to a number of settlements, most notably in UK rail maintenance, a higher proportion of our profits than normal will fall in the first half year. We anticipate that 2004 will be a year of good progress in line with current expectations.”
Sir David John, Chairman
Mike Welton, Chief Executive
View the full Interim Results 2004 (PDF, 820 KB)
 |
To read the |
