Strong operational and financial performance across the Group听听
Highlights
- 42% increase in underlying profit from operations (PFO) at 拢279 million (2021: 拢197 million)
- Underlying PFO from earnings-based businesses at 拢232 million (2021: 拢181 million)
- 8% increase in order book at 拢17.4 billion (FY 2021: 拢16.1 billion); provides clear short- and medium-term visibility
- Directors鈥� valuation of the Investments portfolio increased to 拢1.3 billion (FY 2021: 拢1.1 billion) and independently reviewed
- Strong cash performance, with average net cash at 拢804 million (FY 2021: 拢671 million)
- 60% increase in underlying basic EPS at 47.5 pence per share (2021: 29.7 pence per share)
- 17% increase in recommended full year dividend at 10.5 pence per share (2021: 9.0 pence per share)
- 拢150 million share buyback confirmed for third consecutive year
- 2023 PFO from earnings-based businesses expected to be broadly in line with 2022
听
(拢 million unless otherwise specified) |
2022 |
听 |
2021 |
|||
Underlying2 |
Total |
听 |
Underlying2 |
听 |
Total |
|
Revenue1 |
8,931 |
8,931 |
听 |
8,280 |
听 |
8,263 |
Profit from operations |
279 |
275 |
听 |
197 |
听 |
97 |
Pre-tax profit |
291 |
287 |
听 |
187 |
听 |
87 |
Profit for the year |
290 |
287 |
听 |
194 |
听 |
139 |
Basic earnings per share |
47.5p |
46.9p |
听 |
29.7p |
听 |
21.3p |
Dividends per share |
听 |
10.5p |
听 |
听 |
听 |
9.0p |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 | 听 |
2022 |
听 |
听 |
听 |
听2021 |
Order book1 |
拢17.4产苍 |
听 |
听 |
听 |
拢16.1产苍 |
|
Directors' valuation of Investments portfolio |
拢1.3产苍 |
听 |
听 |
听 |
拢1.1产苍 |
|
Net cash 鈥� recourse |
815 |
听 |
听 |
听 |
790 |
|
Net cash 鈥� non-recourse3 |
(242) |
听 |
听 |
听 |
听(243) |
|
Average net cash 鈥� recourse |
804 |
听 |
听 |
听 |
671 |
听
Leo Quinn, 333体育平台官网 Group Chief Executive, said: 鈥淭he strong results in 2022 are a testament to 333体育平台官网鈥檚 transformation into a well-balanced and lower risk group. The diversified portfolio, both geographically in the UK, US and Hong Kong, and operationally across Construction Services, Support Services and Infrastructure Investments, plus the strength of our balance sheet and cash management, have provided the resilience for the Group to deliver ahead of expectations and grow our order book through the global instability seen in 2022.
鈥淭he Board鈥檚 confidence in both the short and longer term is reflected in its commitment to a multi-year programme of strong shareholder cash returns. We believe that 333体育平台官网鈥檚 unique capabilities and the positive outlook in its chosen markets will enable it to deliver ongoing profitable managed growth.鈥�
Segment analysis |
2022 |
听 |
2021 |
||||
Revenue1 |
PFO2 |
PFO margin2 |
听 |
Revenue1 |
PFO2 |
PFO margin2 |
|
拢尘 |
拢尘 |
% |
听 |
拢尘 |
拢尘 |
% |
|
UK Construction |
2,763 |
59 |
2.1% |
听 |
2,593 |
(2) |
(0.1)% |
US Construction |
3,651 |
58 |
1.6% |
听 |
3,344 |
51 |
1.5% |
Gammon |
1,068 |
32 |
3.0% |
听 |
809 |
30 |
3.7% |
Construction Services |
7,482 |
149 |
2.0% |
听 |
6,746 |
79 |
1.2% |
Support Services |
989 |
83 |
8.4% |
听 |
1,066 |
102 |
9.6% |
Earnings-based businesses |
8.471 |
232 |
2.7% |
听 |
7,812 |
181 |
2.3% |
Infrastructure Investments |
460 |
81 |
听 |
听 |
468 |
49 |
听 |
Corporate activities |
- |
(34) |
听 |
听 |
- |
(33) |
听 |
Total |
8,931 |
279 |
听 |
听 |
8,280 |
197 |
听 |
Read the full announcement听here.
Notes:
1听Including share of joint ventures and associates
2听Before non-underlying items (Note 9)
3听Non-recourse net borrowings are cash and debt that are ringfenced within certain infrastructure investments project companies
A reconciliation of the Group鈥檚 performance measures to its statutory results is provided in the Measuring our financial performance section
ENDS
Investor and analyst enquiries:
Jim Ryan
Tel. +44 (0)7858 368527
[email protected]
Media enquiries:
Antonia Walton
Tel. +44 (0)203 810 2345
[email protected]听
All non-media related enquiries should be directed to +44 (0)20 7216 6800 or听[email protected]
Notes to editors:
- 333体育平台官网 is a leading international infrastructure group with over 24,500 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.
- We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.
- Over the last 114 years we have created iconic buildings and infrastructure all over the world. Currently, we are working to deliver Hinkley Point C, the first UK nuclear power station in a generation; constructing the world-class arts and cultural facility, the Lyric Theatre, in Hong Kong; and designing, building, financing, operating and maintaining the Automated People Mover superstructure at the fifth busiest airport in the world, Los Angeles听International Airport.