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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Balfour Beatty    BBY   GB0000961622

BALFOUR BEATTY

(BBY)
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Balfour Beatty : announces 2019 half year results

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08/14/2019 | 02:32am EDT

News listings

14 August 2019

Build to Last delivers increased profitability backed by strong cash performance

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)
    • 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)

(£ million unless otherwise specified)

Half year 2019

Half year 2018

Underlying2

Total

Underlying2

Total

Revenue1

3,881

3,884

3,836

3,839

Profit from operations

72

71

66

60

Pre-tax profit

64

63

56

50

Profit for the period

54

48

52

69

Basic earnings per share

7.6p

6.7p

7.5p

10.1p

Dividend per share

2.1p

1.6p

HY 2019

FY 2018

HY 2018

Order book1,2

£13.2bn

£12.6bn

£12.6bn

Directors' valuation of Investments portfolio

£1.16bn

£1.15bn

£1.19bn

Net cash - recourse

425

337

366

Net cash - non-recourse3

(330)

(309)

(329)

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.'

Notes:

1 revenue and order book include 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 concession project companies

A reconciliation of the Group's performance measures to its statutory results is provided in the Measuring Our Performance section.

Investor and analyst enquiries:
Angus Barry
Tel. +44 (0)20 7216 6824
angus.barry@balfourbeatty.com

Media enquiries:
Antonia Walton
Tel. +44 (0)20 7963 2150
antonia.walton@balfourbeatty.com

Investor and analyst presentation:

A presentation to investors and analysts will be made at Numis Securities plc, Floor Five, The London Stock Exchange Building, 10 Paternoster Square, London, EC4M 7LT on 14 August 2019 at 09.00.

There will be a live webcast of this presentation on: https://www.balfourbeatty.com/webcast

Notes to editors:

  • Balfour Beatty (balfourbeatty.com) is a leading international infrastructure group. With 26,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
  • Our main geographies are the UK, US and Hong Kong. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics' Aquatic Centre, Hong Kong's first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.

Disclaimer

Balfour Beatty plc published this content on 14 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2019 06:31:06 UTC

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Financials
Sales 2020 7 805 M 10 124 M 10 124 M
Net income 2020 97,2 M 126 M 126 M
Net cash 2020 386 M 501 M 501 M
P/E ratio 2020 16,2x
Yield 2020 1,24%
Capitalization 1 610 M 2 086 M 2 089 M
EV / Sales 2020 0,16x
EV / Sales 2021 0,13x
Nbr of Employees 26 130
Free-Float 85,5%
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Mean consensus BUY
Number of Analysts 7
Average target price 325,00 GBX
Last Close Price 234,40 GBX
Spread / Highest target 49,3%
Spread / Average Target 38,7%
Spread / Lowest Target 10,9%
EPS Revisions
Managers
NameTitle
Leo Martin Quinn Group Chief Executive Officer & Executive Director
Philip Stanley Aiken Non-Executive Group Chairman
Philip James Harrison Chief Financial Officer & Executive Director
Chris Johnson Chief Technology Officer
Stuart John Doughty Independent Non-Executive Director
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