Overall first-half results are in line with our most recent trading update.
Review of the Directors' Valuation of our UK PPP portfolio has been completed over the first half to take into account current market conditions. An update will be released as soon as possible.
Competitive sale process of Parsons Brinckerhoff is well advanced. Subject to satisfying the interests of key stakeholders, it is anticipated that the Group will return up to £200 million to shareholders.
Operational issues in our UK mechanical & electrical engineering business significantly impacted overall first- half financial performance. Remedial action plan and cost efficiencies are being implemented.
Elsewhere in Construction Services the US performed strongly, with 14% revenue growth at constant currency whilst the order book remained stable. Good wins in Asia and the Middle East.
Professional Services performance is in line with 2013, increased profitability in Support Services.
Infrastructure Investments delivered another good performance, with disposal proceeds significantly above the Directors' Valuation.
Underlying half-year pre-tax profit of £22 million (2013: £47 million) and underlying EPS of 3.9 pence (2013: 6.6 pence).
Order book stable at £13.0 billion, down 1% from the year end at constant currency.
Interim dividend of 5.6 pence per ordinary share (2013: 5.6 pence per ordinary share).
