Build to Last delivers increased profitability backed by strong cash performance
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Highlights
- On track to deliver full year performance in line with market expectations
- Underlying profit from operations (PFO) increased 9% to 拢72 million (2018: 拢66 million)
- PFO from earnings-based businesses increased 29% to 拢63 million (2018: 拢49 million)
- Significant increase in average net cash at 拢290 million (2018: 拢161 million)
- Increasing full year average net cash guidance range by 拢50 million to 拢280 - 拢300 million
- Order book increased 5% to 拢13.2 billion (FY 2018: 拢12.6 billion), whilst maintaining Build to Last disciplines
- Sector leading balance sheet, underpinned by 拢1.2 billion Investments portfolio
- Interim dividend payment up 31% to 2.1 pence (2018: 1.6 pence)
|
(拢 million unless otherwise specified) |
Half year 2019 |
听 |
Half year 2018 |
|||
|
Underlying2 |
Total |
听 |
Underlying2 |
听 |
Total |
|
|
Revenue1 |
3,881 |
3,884 |
听 |
3,836 |
听 |
3,839 |
|
Profit from operations |
72 |
71 |
听 |
66 |
听 |
60 |
|
Pre-tax profit |
64 |
63 |
听 |
56 |
听 |
50 |
|
Profit for the period |
54 |
48 |
听 |
52 |
听 |
69 |
|
Basic earnings per share |
7.6p |
6.7p |
听 |
7.5p |
听 |
10.1p |
|
Dividend per share |
听 |
2.1p |
听 |
听 |
听 |
1.6p |
|
听 |
听 |
听 |
听 |
听 |
听 |
听 |
| 听 | 听 |
HY 2019 |
听 |
FY 2018 |
听 |
HY 2018 |
|
Order book1,2 |
拢13.2产苍 |
听 |
拢12.6产苍 |
听 |
拢12.6产苍 |
|
|
Directors' valuation of Investments portfolio |
拢1.16产苍 |
听 |
拢1.15产苍 |
听 |
拢1.19产苍 |
|
|
Net cash 鈥� recourse |
425 |
听 |
337 |
听 |
366 |
|
|
Net cash 鈥� non-recourse3 |
(330) |
听 |
(309) |
听 |
听(329) |
|
Leo Quinn, Group Chief Executive, said: 鈥淭his is another strong set of results 鈥� increasing profits backed by a strong cash performance, plus carefully managed growth in our order book.
鈥淭oday, the Group鈥檚听geographic and operational diversity underpins our risk management, with over 50% of our business and Investments portfolio assets outside the UK.
鈥淐ombined with the strength of our balance sheet and cash flows, this positions 333体育平台官网 to create and return future value to shareholders.鈥澨�
Read the full announcement听here.
Notes:
1听revenue and order book include share of joint ventures and associates
2听before non-underlying items (Note 8)
3听non-recourse net borrowings are cash and debt that are ringfenced within certain infrastructure concession project companies
A reconciliation of the Group鈥檚 performance measures to its statutory results is provided in the Measuring Our Performance section.
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Investor and analyst enquiries:
Angus Barry
Tel. +44 (0)20 7216 6824
[email protected]
Media enquiries:
Antonia Walton
Tel. +44 (0)20 7963 2150
[email protected]
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.
Notes to editors:
- 333体育平台官网 () 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鈥� Aquatic Centre, Hong Kong鈥檚 first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
