Half-year results for the six months ended 30 June 2012
In line with expectations
|
|
Six months ended 30 June 2012 |
Six months ended 30 June 2011 |
Change |
|
Revenue |
£2,156.8m |
£2,453.5m |
-12% |
|
Underlying profit from operations |
£80.7m |
£74.4m |
+8% |
|
Underlying operating margin |
4.1% |
3.3% |
+24% |
|
Underlying profit before taxation |
£73.1m |
£72.5m |
+1% |
|
Underlying earnings per share |
14.4p |
14.3p |
+1% |
|
Profit before taxation |
£64.1m |
£38.2m |
+68% |
|
Basic earnings per share |
13.4p |
7.9p |
+70% |
|
Net borrowing |
£(115.2)m |
£(93.7)m |
-23% |
|
Interim dividend per share |
5.4p |
5.3p |
+2% |
Financial performance in line with expectations
- First-half revenue reduced, primarily due to the continued re-scaling of UK construction and the timing of project awards in the Middle East
- Strong growth in underlying profit from operations reflects a continuing improvement in operating margin
- Underlying profit before taxation and underlying earnings per share increased, despite a higher net financial expense
- Substantial increases in reported profit before taxation and basic earnings per share, included a contribution from the sale of equity investments in Public Private Partnership projects
Strong balance sheet
- Net borrowing better than expected
- Over £800m of long-term borrowing facilities
Good revenue visibility: strong order book plus probable orders; record pipeline of opportunities
- 92% revenue visibility for 2012
- £2.2bn of new and probable orders won in the first half, with total orders and probable orders worth £18.3bn at 30 June 2012 (31 December 2011: £19.1bn)
- Record pipeline of contract opportunities of £35.6bn (31 December 2011: £33.1bn), including major UK public sector outsourcing opportunities, supports targets for growth
Interim dividend increased by 2% to 5.4p (2011: 5.3p)
