News Releases
Balfour Beatty plc Results for the half-year ended 27 June 2009
12 Aug 2009CONTINUED PROGRESS, PROFIT FROM OPERATIONS² UP 30%
| 2009 first half | 2008 first half | |
|---|---|---|
| Revenue including joint ventures and associates¹ | £5,072m | £4,332m |
| Group revenue¹ | £4,388m | £3,788m |
| Profit from operations¹ | ||
| - before exceptional items and amortisation | £114m | £88m |
| - after exceptional items and amortisation | £87m | £137m |
| Pre-tax profit¹ | ||
| - before exceptional items and amortisation | £108m | £95m |
| - after exceptional items and amortisation | £66m | £144m |
| Earnings per share | ||
| - adjusted² | 17.2p | 16.2p |
| - basic | 10.9p | 24.1p |
| Financing | ||
| - net cash before PPP subsidiaries (non-recourse) | £394m | £333m |
| - net borrowings of PPP subsidiaries (non-recourse) | £(190)m | £(91)m |
¹continuing operations
²before exceptional items and amortisation of
intangible assets
Financial highlights
- Profit from operations² up 30% to £114 million
- Pre-tax profit² up 14% to £108 million
- Adjusted earnings per share² up 6% to 17.2p
- Good cash generation from operations of £78 million
- Average net cash in the first half of £224 million, consistent with long-term policy of no net debt (excluding non-recourse)
- Interim dividend increased 8% to 5.5p
Operational highlights
- Order book of £12.5 billion
- M25, Southwark Schools, Fife General Hospital PPP projects reach financial close, with Carlisle Northern Development Route reaching financial close in July 2009
- Significant profit growth in the building sector, driven by particularly strong US results
- Strong performance in UK civil engineering
- Good contract wins in UK and international rail
- US businesses performing well, 30% of Group revenue (including joint ventures and associates)
“The first half of 2009 was a further period of growth for the Group.
“We have made good progress in growing our business presence in the US, based on the principles which have made our UK business so successful. We have won important contracts in Asia and closed a number of UK PPP projects.
"Our strong first half performance, together with the visibility provided by our significant order book of high-quality work, underpins our confidence in the prospects of the Group and we anticipate making good progress in 2009.
“We are confident in our ability to continue our success in our key markets as our customers increasingly seek an integrated infrastructure partner and we see significant opportunities in the medium and long-term."
Ian Tyler, Chief Executive
View the full Half-year Results 2009 (PDF, 498 KB)
