The Balfour Beatty Board is committed to a sustainable ordinary dividend which is expected to grow over time, targeted at a pay-out ratio of 40% of underlying profit after tax excluding gain on disposal of Investments assets.
Following the 3.5 pence per ordinary share interim dividend declared at the half year, the Board is recommending a final dividend of 7.0 pence per share, giving a total recommended dividend for the year of 10.5 pence per share (2021: 9.0 pence per share).
Other financial highlights include:
42% increase in underlying profit from operations (PFO) at £279 million (2021: £197 million)
Underlying PFO from earnings-based businesses at £232 million (2021: £181 million)
8% increase in order book at £17.4 billion (FY 2021: £16.1 billion); provides clear short- and medium-term visibility
Directors' valuation of the Investments portfolio increased to £1.3 billion (FY 2021: £1.1 billion) and independently reviewed
Strong cash performance, with average net cash at £804 million (FY 2021: £671 million)
60% increase in underlying basic EPS at 47.5 pence per share (2021: 29.7 pence per share)
£150 million share buyback confirmed for third consecutive year
2023 PFO from earnings-based businesses expected to be broadly in line with 2022