Infrastructure group Balfour Beatty plc (BBY.L) reported Wednesday that its fiscal 2022 pre-tax profit surged to 287 million pounds from last year's 87 million pounds.
Basic earnings per share were 46.9 pence, up from 21.3 pence a year ago.
Underlying pre-tax profit was 291 million pounds, compared to last year's 187 million pounds. Underlying basic earnings per share were 47.5 pence, compared to 29.7 pence a year ago.
The copmpany recorded 42 percent increase in underlying profit from operations at 279 million pounds.
Revenue grew to 8.93 billion pounds from prior year's 8.28 billion pounds.
Order book grew 8 percent to 17.4 billion pounds from last year's 16.1 billion pounds, providing clear short- and medium-term visibility.
Further, the Board is recommending a final dividend of 7.0 pence per share, up from last year's 6.0 pence. This gives a total recommended dividend for the year of 10.5 pence per share, a growth of 7 percent from last year.
Additionally, the Company intends to repurchase 150 million pounds of shares during the 2023 phase of its multi-year share buyback programme.
Looking ahead, the Board expects 2023 profit from operations from its earnings-based businesses to be broadly in line with 2022.
The longer-term outlook for the Group is also positive.
Leo Quinn, Balfour Beatty Group Chief Executive, said, "We believe that Balfour Beatty's unique capabilities and the positive outlook in its chosen markets will enable it to deliver ongoing profitable managed growth."
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