Financial performance in line with expectations
- Underlying profit from operations increased eight per cent, including an increased contribution from the sale of equity investments in Public Private Partnership projects
- Underlying profit before tax and underlying earnings per share increased, despite a higher net financial expense
- As expected, the planned rescaling of UK construction led to lower first-half revenue
- Net borrowing at 30 June 2013 of £270.8 million (31 December 2012: £155.8 million) reflected an outflow of working capital associated with the planned rescaling of UK construction and other expected first-half cash flow movements
- Over £1.1 billion of committed borrowing facilities and private placement funding
Strong work-winning performance - first-half orders and probable orders up 32%
- £2.9 billion of new orders and probable orders in the first half (2012: £2.2 billion), with total orders plus probable orders at 30 June 2013 worth £18.4 billion (31 December 2012: £18.1 billion). Recent wins include:
£275 million extension to telecoms support services contract
£335 million Royal Liverpool Hospital PPP contract
£400 million first phase development at Battersea Power Station
£400 million of support services contracts in the oil sector
- Pipeline of contract opportunities worth £37.5 billion (31 December 2012: £35.2 billion)
- 93% revenue visibility for 2013 (2012: 92%)
Interim dividend increased by 2% to 5.5p (2012: 5.4p)
