Operational Summary
Challenging economic conditions and operational issues in UK construction, and a significant downturn in the Australian natural resources sector led to a disappointing financial performance
Firm actions taken to improve the operational delivery in UK construction and restructure Australian Professional Services
Strong performance in Infrastructure Investments with further investment into growth sectors
Continue to expect a positive settlement in the longstanding contract dispute in Professional Services but outcome now expected in 2014
Performance elsewhere across the Group's continuing operations was as expected
Progress on major strategic actions, including disposals of the UK facilities management business and Mainland European rail operations in Spain and Scandinavia
Actions taken in 2013 to re-focus the business leave the Group better positioned for 2014 and the challenges ahead
Financial Summary
Underlying pre-tax profits of £187 million (2012: £277 million) and underlying EPS of 20.0 pence (2012: 31.7 pence)
Strong US construction order intake offset with increased US construction revenue leaving a stable order book at £13.4 billion (2012: £13.5 billion)
Directors' valuation of the PPP portfolio increased to £766 million (2012: £734 million), after generating disposal gains of £82 million
Balance sheet remains strong with new long-term funding sources secured from US private placement and convertible bond issue
Full-year dividend maintained at 14.1 pence per ordinary share
