Balfour Beatty results “ahead of expectations”
Balfour Beatty have published full year results which show continued recovery in underlying profit from operations, reaching £197 million, compared to £51 million in 2020.
The multinational infrastructure group says its underlying PFO from earnings-based businesses has reached £181 million, which is ahead of expectations. In 2020 it made £75 million, compared to £172 million in 2019.
It says its full year average net cash is £671 million compared to 2020’s £527 million and £325 million in 2019.
It describes its balance sheet as “sector leading”, underpinned by £1.1 billion Investments portfolio, and says its order book stands at £16.1 billion.
It’s recommending a full year dividend of 9.0 pence per share compared to 1.5p in 2020 and is also announcing the next phase of multi-year share buyback programme of £150 million for 2022.
“In 2021, despite the challenges presented by COVID-19, we have delivered operating profits ahead of expectations,” commented Leo Quinn, Balfour Beatty Group Chief Executive. “Balfour Beatty emerges from the last two years with capabilities intact and a higher quality order book. Together these provide the visibility to deliver profitable managed growth and sustainable cash generation. With a transformed portfolio focused on favourable infrastructure markets across our chosen geographies and our sector leading balance sheet, we are confident of delivering significant future returns to shareholders.”
Furthermore the company has appointed Louise Hardy as a Non-executive Director with effect from 1 April 2022. Ms Hardy has more than thirty years of business and leadership experience in the construction and infrastructure industry.