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    BBY   GB0000961622

BALFOUR BEATTY PLC

(BBY)
  Report
Delayed London Stock Exchange  -  11:35 2022-12-02 am EST
325.80 GBX   -0.67%
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09:44aBalfour Beatty : joint venture completes Southern Gateway project in Dallas, Texas
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Balfour Beatty 1st Half Pretax Profit Rose as Costs Fell

08/17/2022 | 03:24am EST

By Anthony O. Goriainoff


Balfour Beatty PLC said Wednesday that pretax profit for the first half of fiscal 2023 rose on lower costs, and that for the full 2022 calendar year, its UK construction division looks set to deliver industry-standard margins in the 2% to 3% range.

The FTSE-250 infrastructure group said that for the six months ended July 1 pretax profit was 83 million pounds ($100.4 million) compared with GBP35 million for the first half of fiscal 2022.

Revenue fell slightly to GBP3.60 billion from GBP3.61 billion in the year-prior period.

Underlying profit from operations--one of the company's preferred metrics, which strips out exceptional and other one-off items--was GBP85 million compared with GBP60 million the prior year.

The board declared an interim dividend of 3.5 pence a share compared with 3.0 pence a share the year before.

The company said U.K. construction returned to profit in the period following writedowns on private sector property projects in central London in the first half of 2021, with U.S. Construction, Gammon--its joint venture with Jardine Matheson Holdings Ltd.--and Infrastructure Investments performing in line with expectations.

"With Balfour Beatty's businesses well-positioned in markets with excellent opportunities, underpinned by the strength of its balance sheet and investments portfolio, the board expects to drive further profitable managed growth and significant shareholder returns in 2023," the company said.


Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com


(END) Dow Jones Newswires

08-17-22 0323ET

Stocks mentioned in the article
ChangeLast1st jan.
BALFOUR BEATTY PLC -0.67% 325.8 Delayed Quote.25.19%
FTSE MID 250 INDEX -0.24% 19363.28 Delayed Quote.-17.34%
JARDINE MATHESON HOLDINGS LIMITED -1.61% 48.88 Delayed Quote.-9.69%
All news about BALFOUR BEATTY PLC
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Financials
Sales 2022 7 467 M 9 144 M 9 144 M
Net income 2022 184 M 226 M 226 M
Net cash 2022 659 M 807 M 807 M
P/E ratio 2022 11,2x
Yield 2022 3,01%
Capitalization 1 926 M 2 359 M 2 359 M
EV / Sales 2022 0,17x
EV / Sales 2023 0,17x
Nbr of Employees 24 541
Free-Float 99,1%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 328,00 GBX
Average target price 368,75 GBX
Spread / Average Target 12,4%
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Managers and Directors
Leo Martin Quinn Group Chief Executive Officer & Executive Director
Philip James Harrison Chief Financial Officer & Executive Director
Charles Lamb Allen Non-Executive Group Chairman
Chris Johnson Chief Technology Officer
Stuart John Doughty Independent Non-Executive Director
Sector and Competitors