Balfour Beatty H1 Profit, Orders Climb, Revenues Down; Sees FY22 Underlying Profit Ahead Of View

Infrastructure group Balfour Beatty plc (BBY.L) reported Wednesday that its first-half pre-tax profit grew to 83 million pounds from last year's 35 million pounds.

Basic earnings per share were 15.7 pence, up from 7.8 pence a year ago.

Underlying pre-tax profit was 86 million pounds, compared to 55 million pounds last year. Underlying basic earnings per shares was 12.9 pence, compared to prior year's 7.7 pence.

Underlying profit from operations or PFO grew 42 percent from last year to 85 million pounds.

Statutory revenue, which excludes joint ventures and associates, was 3.60 billion pounds, down from 3.61 billion a year ago.

Underlying revenue was nearly flat at 4.147 billion pounds, compared to last year's 4.154 billion pounds.

Order book was 17.7 billion pounds, a 10 percent increase from 16.1 billion pounds in the prior year.

Further, the Board recommended an interim dividend of 3.5 pence per share, a 17 percent increase on prior year.

Looking ahead for fiscal 2022, the Board now expects underlying profit from operations to be ahead of its previous expectations, driven by strong performance and the strength of the order book.

The outlook for Support Services has been upgraded to the top end of its 6-8 percent industry standard margin target range for full year.

The Board also expects to drive further profitable managed growth and significant shareholder returns in 2023.

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