RESILIENT PERFORMANCE IN CHALLENGING MARKETS
Balfour Beatty, the international infrastructure group, reports its full-year results for the year ended 31 December 2010.
| (£m unless otherwise specified) | 2010 | 2009 | Change (%) |
|---|---|---|---|
| Revenue including joint ventures and associates | 10,541 | 10339 | +2 |
| Group revenue | 9,236 | 8,954 | +3 |
| Profit from operations | |||
| - before exceptional items and amortisation | 338 | 280 | +21 |
| - after exceptional items and amortisation | 206 | 295 | -30 |
| Pre-tax profit | |||
| - before exceptional items and amortisation | 319 | 265 | +21 |
| - after exceptional items and amortisation | 187 | 265 | -29 |
| Earnings per share | |||
| - adjusted1 | 34.7p | 34.4p | +1 |
| - basic | 21.0p | 37.1p | -43 |
| Dividends per share | 12.7p | 12.0p | +6 |
| Financing | |||
| - net cash before PPP subsidiaries (non-recourse) | 518 | 572 | |
| - net borrowings of PPP subsidiaries (non-recourse) | (270) | (248) |
2009 accounts restated for the adoption of IFRIC 12 Service Concession Arrangements
Per share data restated for the bonus element of the 2009 rights issue
1 before exceptional items and amortisation of intangible assets
Highlights of the year
- Record order book up 8% at £15.2 billion (2009: £14.1 billion)
- Pre-tax profit1, up 20% to £319 million, lifting Group operating margin1to 3.2% (2009: 2.7%)
- Adjusted earnings per share1 up 1% at 34.7p
- Final proposed dividend of 7.65p per share; full-year dividend up 6% at 12.7p per share
- Balance sheet remains strong; average net cash in the year of £435 million (2009: £283 million)
“We are pleased with the resilient set of results achieved in challenging market conditions in a number of our major markets. The diversity and strength of the Group is evident in the overall performance, and the successful integration of Parsons Brinckerhoff has driven our growth.
We have started 2011 with a record order book, a focus on cost and operational delivery and the intention to generate additional profits from PPP asset disposals. While we do not expect, in the short term, a meaningful recovery in the UK and US infrastructure markets, we expect to make progress this year.
Over the medium and long term, we expect global infrastructure to be a growth market. We have put in place a clear strategy, and the Group is well-placed to benefit from the growth in this market based on our depth of infrastructure knowledge, breadth of capability and the strength of our balance sheet.”
Ian Tyler, Chief Executive
