|
(拢 million unless otherwise specified) |
2015 |
2014 |
||
|
Underlying3 |
Total |
Underlying3 |
Total |
|
|
Revenue1,2 |
8,235 |
8,444 |
8,440 |
8,793 |
|
Loss from operations2听(笔贵翱) |
(106) |
(182) |
(58) |
(281) |
|
Pre-tax loss2 |
(123) |
(199) |
(80) |
(304) |
|
Total loss |
(135) |
(206) |
(54) |
(59) |
|
Loss per share2 |
(19.7p) |
(30.2p) |
(11.5p) |
(43.9p) |
|
Dividends per share |
听 |
- |
听 |
5.6p |
|
听 |
听 |
听 |
听 |
听 |
|
听 |
听 |
2015 |
听 |
2014 |
|
Order book1,2,3 |
拢11.0产苍 |
听 |
拢11.4产苍 |
|
|
Directors' valuation of Investments portfolio |
1,244 |
听 |
1,300 |
|
|
Net cash 鈥� recourse |
163 |
听 |
219 |
|
|
Net borrowings 鈥� non-recourse |
听(365) |
听 |
(445) |
|
听
Strong progress in first year of transformation
听
Financial Summary
- Order book and revenues stabilising - favourable markets enabling more selective bidding
- Underlying pre-tax loss reflects historic projects 鈥� UK projects expected to be 90% complete in 2016
- Strong cash performance - 拢163m net cash
- Board expects to reinstate dividend, at an appropriate level, at the Interim results in August 2016
Build to Last
- New processes and controls providing transparency and improving execution
- Order book quality improving 鈥� strong pipeline of opportunities
- On course to deliver first 24-month targets of 拢200m cash in/拢100m cost out - 拢357m cash improvement year-on-year, excluding net proceeds from Parsons Brinckerhoff
Leo Quinn, Group Chief Executive, commented, 鈥淚n its first year, Build to Last has achieved significant progress in transforming 333体育平台官网.
鈥淲e have upgraded the leadership team and set out a clear direction. We are implementing consistent processes to integrate our businesses into a Group with greater transparency and control. Our main markets are providing a positive backdrop, so that with stronger governance we can both win and deliver business on the right terms. Looking to the future, we are investing to maintain 333体育平台官网鈥檚 expertise and assets.
鈥淏y the end of 2016 we will achieve our Phase One targets: our costs are coming down, our cash flow has improved substantially and we expect to reinstate our dividend later this year. Over the following 24 months, I am confident we can reach industry-standard margins. But above all, Build to Last is putting in place the foundations to build a 333体育平台官网 with market leading strengths and performance over the longer term.鈥�
听
Notes:
1听including share of joint ventures and associates
2听from continuing operations
3听before non-underlying items (Note 8)
听
Analyst/investor enquiries:
Peter Young
Tel. +44 (0)20 7216 6824
听
Media enquiries:
Louise McCulloch
Tel. +44 (0)20 7216 6846
听
Tulchan Communications:
David Allchurch
Tel. +44 (0) 207 353 4200
听
Analyst presentation:
A presentation to analysts and investors will be made at Numis, The London Stock Exchange Building, London EC4M 7LT at 09:00 (UK time) on 15 March 2016. There will be a live webcast of this presentation.
