Half Year 2024 Balfour Beatty PLC Earnings Call Transcript
Key Points
- Revenue grew by 3% in the first half to GBP4.7 billion, with a 5% increase when excluding foreign exchange movements.
- Profit for the period increased by 9% to GBP81 million, driven by a lower tax charge due to a change in profit mix.
- Earnings per share increased by 18% to 15.3p, benefiting from a lower share count due to the ongoing share buyback program.
- The order book increased slightly to GBP16.6 billion, with significant new awards in power transmission and US buildings.
- The interim dividend per share was increased by 9% to 3.8p, reflecting confidence in future earnings growth.
- Group profit from operations reduced by 4% due to higher costs in the investments business.
- US construction PFO reduced in the first half due to delays in a small number of civils projects.
- The infrastructure investments business made a loss in the period, impacted by increased military housing costs and a canceled student accommodation project.
- Net cash reduced as expected, with working capital outflow and capital expenditure impacting the balance.
- The business faces challenges in managing capacity constraints and rising costs in the market.
I'll bet seeing that makes you want to pull on per well in terms of their fluorescent jacket business is very impressive given what we see in the market. We could probably give you a job as well at this moment in time.
I'm Leo Quinn, Balfour's Chief Executive, this is a first half results. I'm joined by the very famous infamous Finance Director, Phil Harrison, who's here to accompany me today. And I think we've got a really exciting ride with these numbers. First and foremost, the one word for me that characterizes where the business is at this moment in time. And these results is momentum. What we're seeing is real momentum in terms of earnings growth in terms of bookings growth and in terms of shareholder returns. And why is that?
Well, first and foremost, [Balfour BC] is uniquely positioned just at this window in time, whereby the rising demand that we are seeing is uniquely matched to our capabilities. So it's a little bit like being in the right place at the right time to deliver the market needs.
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