Balfour Beatty 2022 Half Year Results
Strong financial performance including increase in underlying PFO. Board expectations upgraded for the full year Highlights 42% increase in underlying profit from operations (PFO) at £85 million (2021: £60 million)10% increase in order book at £17.7 billion (FY 2021: £16.1 billion); provides clear short- and medium-term visibilityIncrease in Directors’ valuation of the Investments portfolio […]
Aug 17, 2022
Strong financial performance including increase in underlying PFO. Board expectations upgraded for the full year
Highlights
- 42% increase in underlying profit from operations (PFO) at £85 million (2021: £60 million)
- 10% increase in order book at £17.7 billion (FY 2021: £16.1 billion); provides clear short- and medium-term visibility
- Increase in Directors’ valuation of the Investments portfolio at £1.3 billion (FY 2021: £1.1 billion)
- Increase in half year average net cash at £811 million (FY 2021: £671 million)
- 68% increase in underlying basic EPS at 12.9 pence per share (2021: 7.7 pence per share)
- 17% increase in recommended half year dividend at 3.5 pence per share (2021: 3.0p)
- Support Services upgraded to the top end of its 6-8% industry standard margin target range for full year
| (£ million unless otherwise specified) | HY 2022 | HY 2021 | ||||
| Underlying2 | Total | Underlying2 | Total | |||
| Revenue1 | 4,147 | 4,147 | 4,154 | 4,154 | ||
| Profit from operations | 85 | 82 | 60 | 40 | ||
| Pre-tax profit | 86 | 83 | 55 | 35 | ||
| Profit for the period | 80 | 98 | 51 | 52 | ||
| Basic earnings per share | 12.9p | 15.7p | 7.7p | 7.8p | ||
| Dividends per share | 3.5p | 3.0p | ||||
| HY 2022 | FY 2021 | HY 2021 | ||||
| Order book1,2 | £17.7bn | £16.1bn | £16.1bn | |||
| Directors' valuation of Investments portfolio | £1.3bn | £1.1bn | £1.1bn | |||
| Net cash – recourse | 742 | 790 | 625 | |||
| Net cash – non-recourse3 | (242) | (243) | (318) | |||
| Average net cash – recourse | 811 | 671 | 611 |
Leo Quinn, Balfour Beatty Group Chief Executive, said: “With the Group well-positioned to capitalise on the growing infrastructure market, underpinned by its unique capability and balance sheet strength, the upgrade to the full year performance gives the Board further confidence in future capital returns.”
Read the full announcement here.
Notes:
1 Including share of joint ventures and associates
2 Before non-underlying items (Note 8)
3 Non-recourse net borrowings are cash and debt that are ringfenced within certain infrastructure investments project companies
A reconciliation of the Group’s performance measures to its statutory results is provided in the Measuring our financial performance section
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