Balfour Beatty reveals 2017 full-year results
The firm has noted its underlying profits from operat...
The British infrastructure company, Balfour Beatty, has released its full-year results from 2017.
The firm has noted its underlying profits from operations have increased by 184%, more than doubling from 2016’s £69mn (US$96mn) to £196mn ($273mn) last year.
Balfour Beatty’s average net cash fell to £42mn ($58.6mn) from £46mn ($64.2mn) in the previous year.
However, the company’s year end net cash hit £335mn ($467.2mn) from a recorded £173mn ($241.3mn) in 2016.
The director’s valuation of investment portfolio remained the same as last year’s numbers, at £1.2bn ($1.7bn).
The firm also announced its recommended final dividend of 2.4 pence (3.4 cents) per share, hitting 3.6 pence (5.02 cents) per share for the full year, a rise of 0.9 pence from the previous year.
“These results clearly demonstrate that our Build to Last programme is transforming Balfour Beatty,” reported Leo Quinn, Group Chief Executive of Balfour Beatty.
“The Group has been repositioned to drive sustainable growth in profits, underpinned by a strong balance sheet.”
“It has the right culture and capabilities to capitalise on the rising tide of infrastructure spend in our chosen markets.”
“As a result of Build to Last, and the governance and controls now in place, we remain on track to achieve industry-standard margins in the second half of 2018.”
“In the medium term, we are building a Group capable of delivering market-leading performance.”