| (拢 million unless otherwise specified) | Half-year 2016 | Half-year 2015 | ||
|---|---|---|---|---|
| Underlying2 | Total | Underlying2 | Total | |
| Revenue听incl. share of JVs and associates1 | 4,024 | 4,117 | 4,085 | 4,191 |
| Profit/(loss) from operations(PFO)1 | 5 | (23) | (120) | (140) |
| Pre-tax profit/(loss)1 |
7 | (21) | (130) | (150) |
| Total profit/(loss) | 14 | (11) | (135) | (150) |
| Earnings/(loss) per share1 |
2.0p | (2.0p) | (19.4p) | (22.0p) |
| Dividends per share | 听 | 0.9p | 听 | - |
| Asset听 | HY 2016 | FY 2015听 | HY 2015 |
|---|---|---|---|
| Order book1,2 | 拢12.4产苍 | 听拢11.0bn | 拢11.3产苍 |
| Directors' valuation of Investments portfolio4 | 1,249 | 听1,244 | 1,252 |
| Net cash/(borrowings) 鈥� recourse | 115 | 听163 | 260 |
| Net cash/(borrowings) 鈥� non-recourse | 听(388) | 听(365) | 听(327) |
听
DELIVERING BUILD TO LAST BENEFITS
Financial Highlights
- Order book 拢12.4产苍, up 7% at constant exchange rates (CER)3听whilst maintaining disciplined bidding practices
- Underlying revenue 拢4,024m, down 6% at CER
- Underlying profit before tax of 拢7m (2015: 拢130m loss)
- Net cash of 拢115m, following continued working capital discipline
- New pension deficit payments plan agreed in principle
听 - 拢182m to be paid over 8 years (previous agreement: 拢376m) - Dividend reinstated with interim payment of 0.9p
听
Build to Last Highlights
听Phase One targets on track
- 听Increased safety observations and a reduction in Lost Time Injury Rate indicate greater staff engagement on safety
- Continued simplification of the Group
听- improved systems, processes and controls driving greater visibility and control - Further actions to upgrade leadership
- Maintained focus on cost and cash conscious culture
听
Leo Quinn, Group Chief Executive, commented: 鈥淲e are now starting to see tangible benefits from the transformation of Balfour听Beatty.
鈥淓ighteen months into the first phase of Build to Last we have delivered our second successive half of underlying profitability and remain on track to achieve our initial targets of 拢200m cash in: 拢100m cost out. By concentrating on our selected markets, we are growing our order book within a control environment which ensures that our business decisions lead to sustainable profit and cash听growth.
鈥淲e have maintained a strong balance sheet and expect 333体育平台官网 to make further solid and measurable progress. As a result we are able to reinstate the dividend as planned.
鈥淏y the end of 2016 we will have successfully completed Phase One. Over the following 24 months, I am confident we can reach industry-standard margins and then build on the foundations Build to Last has put in place to deliver a 333体育平台官网 with market-leading strengths and performance over the longer term.鈥�
听
Notes:
1听from continuing operations
2听before non-underlying items (Note 7)
3听Constant Exchange Rate (CER) is calculated as growth in local currency terms
4听includes 拢73 million at HY 2016 relating to the BSF portfolio of seven schools projects, as the disposal proceeds had not been听received. The cash is expected to be received in the second half.
Analyst/investor enquiries:
Peter Young
Tel. +44 (0)20 7216 6824
[email protected]
Media enquiries:
Louise McCulloch
Tel. +44 (0)20 7216 6846
[email protected]
Tulchan Communications:
David Allchurch
Tel. +44 (0) 207 353 4200
[email protected]
Analyst presentation:
A presentation to analysts and investors was made at Numis, The London Stock Exchange Building, London EC4M 7LT on 17 August 2016.听
