333体育平台官网

Maintained expert capability and financial strength to drive future profitable growth听 听

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• Underlying loss from operations (PFO) at 拢14 million (2019: 拢72 million profit), principally due to impact of COVID-19
• Half year net cash at 拢563 million (FY 2019: 拢512 million); average net cash at 拢507 million (FY 2019: 拢325 million)
• In March, repaid $46 million of US private placement notes; in July, fully redeemed 拢112 million of preference shares
• Group order book increased over 20% to 拢17.5 billion (FY 2019: 拢14.3 billion; HY 2019: 拢13.2 billion)
• Directors鈥� valuation of Investments portfolio maintained at 拢1.1 billion (FY 2019: 拢1.1 billion; HY 2019: 拢1.2 billion)
• Given chosen markets recover as expected, 2021 PFO outlook for earnings-based businesses broadly in line with 2019
• The Board will look to re-instate the dividend as soon as is appropriate

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Leo Quinn, 333体育平台官网 Group Chief Executive, said: 鈥淪ince the COVID-19 crisis broke, our mission has been to safely manage through it while protecting the Group鈥檚 strengths.听 That meant balancing the needs of all our stakeholders. We have kept sites open wherever safe to do so, prioritised supply chain payments and supported staff. Our people鈥檚 response has been outstanding, working tirelessly whatever the challenge, to enable 333体育平台官网 to provide the daily infrastructure relied on by the public.

鈥淲e have preserved the disciplines, expert capability and financial strength we will need as markets move back to normal and then beyond, driven by fiscal stimulus for infrastructure. In achieving this, our systems, processes and leadership have all proved the value of our investments over the last five years.

鈥淭he financial impacts of COVID-19 are unavoidable; but they will pass. Since the start of Build to Last, our balance sheet, order book and expert capability are at record levels. We look forward with confidence to returning to profitable managed growth, and to delivering ongoing value for all our stakeholders.鈥�

To read the 2020 half year results announcement in full please click听here.

Notes:

¹听Including 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 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

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Investor and analyst enquiries:
Angus Barry
Tel. +44 (0)7966 281635
[email protected]

Media enquiries:
Antonia Walton
Tel.听+44 (0) 203 810 2345
[email protected]

Investor and analyst presentation:

The Company has put in place alternative arrangements for the half year results presentation to comply with the restrictions on public gatherings as a result of COVID-19.

Investors and analysts will not be able to attend in person but a presentation will be made by live webcast.

Notes to editors:

• 333体育平台官网 (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 110 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.