Balfour Beatty 2017 Interim results
Financial Highlights
Underlying profit from operations (PFO) £39m (2016: £11m); on track for full-year expectations
Half-year net cash £161m, average net cash £45m - without material investment disposals
Underlying revenue £4.2bn, up 8% (1% at CER)
Directors' valuation of Investments portfolio up 1% at £1.235bn
Interim dividend payment up 33% to 1.2 pence per share
Operational Highlights
Build to Last Phase Two targets: on track for industry-standard margins in the second half of 2018
Continued to simplify and focus the Group; exited Middle East
Order book £11.4bn, down 8% (6% at CER); selective bidding delivering higher margins and reduced risk
Balfour Beatty VINCI joint venture awarded two HS2 contracts in July, valued at c.£2.5bn
Strong pipeline for US and UK businesses
