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Balfour Beatty cuts its 2014 final dividend

Investment Tools Ltd.
Balfour Beatty cuts its 2014 final dividend

Summary

Total revenue1,2 of £8.8 billion, up 2% at constant exchange rates (CER); order book2 at £11.4 billion (2013: £11.8 billion), down 7% at CER.

Total loss for the year of £59 million (2013: £35 million).

UK construction losses include a further £118 million write-down, following an assessment of the existing risk provisions by the Board.

International construction revenues up 24% at CER to £1.0 billion, predominantly due to Hong Kong based joint venture;Middle East construction underlying losses of £15 million.

Investments delivers consistently strong performance, with underlying profit from operations increased to £127 million (2013: £102 million). Directors' valuation of Investments portfolio at £1,300 million (2013: £766 million).

Strengthened balance sheet with £219 million net cash. Net assets increased to £1,230 million (2013: £1,035 million), including a £306 million reduction in the pension deficits to £128 million.

The Board decided not to recommend a final dividend, to ensure balance sheet strength is maintained, but expects to reinstate the dividend at an appropriate level, by March 2016.

'Build to Last' business transformation programme has gained early momentum. Phase 1 is 24 months of self-help: to deliver £200 million cash flow improvement and £100 million cost savings versus 2014.

Significant progress in first 12 weeks of 2015 with Board changes, senior leadership appointments, programme work streams established and consolidation of UK support functions already underway.

Companies mentioned

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