Balfour Beatty plc (LON:BBY) today announced its 2019 Half Year results.
Highlights
· On track to deliver full year performance in line with market expectations
· Underlying profit from operations (PFO) increased 9% to £72 million (2018: £66 million)
· PFO from earnings-based businesses increased 29% to £63 million (2018: £49 million)
· Significant increase in average net cash at £290 million (2018: £161 million)
o Increasing full year average net cash guidance range by £50 million to £280 – £300 million
· Order book increased 5% to £13.2 billion (FY 2018: £12.6 billion), whilst maintaining Build to Last disciplines
· Sector leading balance sheet, underpinned by £1.2 billion Investments portfolio
· Interim dividend payment up 31% to 2.1 pence (2018: 1.6 pence)
Leo Quinn, Group Chief Executive, said: “This is another strong set of results – increasing profits backed by a strong cash performance, plus carefully managed growth in our order book.
“Today, the Group’s geographic and operational diversity underpins our risk management, with over 50% of our business and Investments portfolio assets outside the UK.
“Combined with the strength of our balance sheet and cash flows, this positions Balfour Beatty to create and return future value to shareholders.”
