Balfour Beatty Board is today recommending a final dividend of 8.0 pence per share (2022: 7.0 pence), giving a total recommended dividend for the year of 11.5 pence per share (2022: 10.5 pence). Additionally, the Company intends to repurchase £100 million of shares during the 2024 phase of its multi-year share buyback programme, bringing the cumulative return to shareholders since the introduction in 2021 of the multi-year capital allocation framework to over £750 million.
Other financial highlights include:
Revenue up 7% to £9.6 billion (2022: £8.9 billion)
Underlying profit from operations (PFO) from earnings-based businesses up 2% to £236 million (2022: £232 million)
Underlying profit before tax down 10%, due predominantly to lower gains on investment disposals as guided
Underlying EPS of 37.3p down 21%: £55 million increase in tax charge, following £56 million credit recognised in 2022
