| 2011 | 2010 | Change | |
| Revenue | £5.1bn | £5.1bn | - |
| Underlying operating margin | 4.7% | 4.2% | n/a |
| Underlying profit before taxation | £212.0m | £188.1m | +13% |
| Underlying earnings per share | 43.0p | 39.4p | +9% |
| Profit before taxation | £142.8m | £167.9m | -15% |
| Basic earnings per share | 32.0p | 36.9p | -13% |
| Net (borrowing)/cash | £(50.7)m | £120.2m | -142% |
| Proposed full year dividend per share | 16.9p | 15.5p | +9% |
· Strong financial performance
- Revenue unchanged, with the increase due to the acquisition of Carillion Energy Services (CES) offset by the planned re-scaling of UK construction
- Strong growth in underlying profit before taxation and underlying earnings per share reflected a substantial increase in total underlying operating margin from 4.2% to 4.7%
- Reported profit before taxation and basic eps includes a total of £47.5m of one-off costs relating to the acquisition and integration of CES
· Strong balance sheet
- Strong cash flow from operations of £230.3m was equal to 107% of profit from operations
- Net debt of £50.7m was substantially better than expectations
- New revolving credit facility of £737.5m to 2016 and £100.0m 7 to 10 year private placement financing
· Good revenue visibility and record pipeline of contract opportunities
- 2012 revenue visibility(4) of 77% (2010: 82% for 2011)
- Order book plus probable orders of £19.1bn (2010: £19.1bn) remains very strong
- Pipeline of contract opportunities up 29% to £33bn, includes major public sector outsourcing opportunities
· Proposed full-year dividend up 9%, reflecting a strong performance and positive outlook
