Balfour Beatty announces 2018 full year results
Results demonstrate the value being created through Build to Last programme Highlights Underlying pre-tax profit increased 10% to £181 million (2017: £165 million)Industry standard margins achieved in second half of 2018; Construction Services profit from operations increased 32%Gross debt reduced by over 40%; repaid £231 million convertible bondsHigher quality order book; increased 11% to £12.6 […]
Mar 14, 2019
Results demonstrate the value being created through Build to Last programme
Highlights
- Underlying pre-tax profit increased 10% to £181 million (2017: £165 million)
- Industry standard margins achieved in second half of 2018; Construction Services profit from operations increased 32%
- Gross debt reduced by over 40%; repaid £231 million convertible bonds
- Higher quality order book; increased 11% to £12.6 billion (2017: £11.4 billion)
- Average net cash increased to £194 million (2017: £42 million); year-end net cash £337 million (2017: £335 million)
- Directors’ valuation of Investments portfolio broadly stable at £1.15 billion (2017: £1.24 billion)
- Recommended final dividend of 3.2p, up 33%; full year 4.8p (2017: full year 3.6p)
| £ million unless otherwise specified | 2018 | 2017 | ||||
| Underlying3 | Total | Underlying3 | Total | |||
| Revenue1,2 | 7,802 | 7,814 | 8,234 | 8,264 | ||
| Profit from operations2 | 205 | 147 | 196 | 148 | ||
| Pre-tax profit2 | 181 | 123 | 165 | 117 | ||
| Profit for the year | 179 | 135 | 143 | 168 | ||
| Basic earnings per share4 | 26.3p | 19.7p | 20.9p | 24.7p | ||
| Dividends per share | 4.8p | 3.6p | ||||
| 2018 | 2017 | |||||
| Order book1,2,3 | £12.6bn | £11.4bn | ||||
| Directors' valuation of Investments portfolio5 | £1.15bn | £1.24bn | ||||
| Net cash – recourse | 337 | 335 | ||||
| Net borrowings – non-recourse6 | (309) | (305) |
Leo Quinn, Balfour Beatty Group Chief Executive, said: “These results
demonstrate the value being created through Build to Last. We continue to
strengthen the Group and meet our targets. The businesses are back at industry
standard margins, underpinned by a strong balance sheet and asset base.
“But Balfour Beatty’s transformation goes well beyond resolving the issues of forced growth. We have relentlessly invested in capability and leadership to forge a culture which provides sustainable competitive advantage through standardisation of our systems and processes, on a reducing overhead base.“This gives us a scalable platform to drive profitable managed growth. With this internal momentum and our positions in large growing infrastructure markets, we are well placed to deliver market leading performance.”
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