Balfour Beatty's annual profit surges
Strong figures from the infrastructure group.
The British infrastructure group Balfour Beatty has reported a profit of £186m for the full year ended 31 December 2011, up from £143m in 2010.
Revenue including joint ventures and associates was £11.04bn, an increase of 5 per cent on last year's £10.47bn.
Underlying profit from continuing operations increased by 2 per cent to £331m (2010: £325m).
Ian Tyler, CEO of Balfour Beatty, said: “We delivered a strong performance in 2011, made further progress towards the delivery of our strategy and demonstrated the diversity, flexibility and resilience of our business. We are excited by the opportunities in growth sectors such as rail and power and growth markets like Australia, Canada and India.”
Revenue from professional, construction and support services surged by 2 per cent, 5 per cent, and 10 per cent, respectively. Basic earnings per share from continuing operations were 26.7p (2010: 23.0p).
Cash generated from operations was £35m (2010: £169m). The company’s order book in 2011 was £5.1bn, a 13 per cent increase on 2010.
Tyler added: “Our ongoing programmes to achieve cost efficiency and to recycle capital in our investments business were successful in 2011, and we plan to accelerate them. We have confidence that these programmes will underpin performance. This should ensure that we make progress in 2012.”
Last year, Balfour Beatty invested £52m in a combination of equity and shareholder loans to PPP project companies.
The company, which employs 50,000 people globally, had total assets of £5,77bn and total liabilities of £4.51bn (as of 31 December 2011).
In a separate announcement, Balfour Beatty said that Gammon Construction – its 50 per cent shareholding contractor in Hong Kong – has landed a £507m development contract at Hong Kong International Airport.