Financial performance reflects selective approach to choosing contracts in challenging markets
- Revenue similar to that in 2013, notwithstanding foreign exchange headwinds
- Underlying profit from operations(1) increased slightly after improved margin performances in support services and Middle East construction services, with overall Group margin maintained at 5.6%
- Underlying profit before taxation(1) and underlying earnings per share(1) marginally reduced, reflecting the planned reduction in the sale of equity investments in Public Private Partnership projects
- Reported profit before taxation and basic earnings per share both increased substantially, due to lower non-recurring operating items
Net borrowing reduced in line with expectations
- Net borrowing reduced to £177.3 million (2013: £215.2 million), despite investing £38.5 million in business acquisitions
- Strong cash performance with underlying cash flow from operations(1) representing 119% of underlying profit from operations(1) (2013: 75%)
- £1.3 billion of committed funding and a strong balance sheet to support strategy for growth over the medium term
Strong work-winning performance
- £5.1 billion of new orders and probable orders in the year (2013: £4.9 billion)
- High-quality order book plus probable orders totalling £18.6 billion (2013: £18.0 billion)
- Record revenue visibility(2) of 85% for 2015 (2013: 81% for 2014)
- Framework contracts worth up to £2.0 billion, which are not included in the order book or probable orders
- Pipeline of contract opportunities increased to £39.2 billion (2013: £37.5 billion)
Proposed full-year dividend increased by 1% to 17.75p (2013: 17.50p)
