Balfour Beatty 2022 full year results

Strong operational and financial performance across the Group

Highlights

• 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)
• 17% increase in recommended full year dividend at 10.5 pence per share (2021: 9.0 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

Leo Quinn, Balfour Beatty Group Chief Executive, said: “The strong results in 2022 are a testament to Balfour Beatty’s transformation into a well-balanced and lower risk group. The diversified portfolio, both geographically in the UK, US and Hong Kong, and operationally across Construction Services, Support Services and Infrastructure Investments, plus the strength of our balance sheet and cash management, have provided the resilience for the Group to deliver ahead of expectations and grow our order book through the global instability seen in 2022.

“The Board’s confidence in both the short and longer term is reflected in its commitment to a multi-year programme of strong shareholder cash returns. We believe that Balfour Beatty’s unique capabilities and the positive outlook in its chosen markets will enable it to deliver ongoing profitable managed growth.”

Notes:

¹ Including share of joint ventures and associates

² Before non-underlying items (Note 9)

³ Non-recourse net borrowings are cash and debt that are ringfenced within certain infrastructure investments project companies

A reconciliation of the Group’s performance measures to its statutory results is provided in the Measuring our financial performance section

ENDS

Investor and analyst enquiries:

Jim Ryan

Tel. +44 (0)7858 368527

[email protected]

Media enquiries:

Antonia Walton

Tel. +44 (0)203 810 2345

[email protected]

Investor and analyst presentation:

A presentation to investors and analysts will be made at Numis, 45 Gresham Street, London, EC2V 7BF at 09:00 (GMT) on 15 March 2023. There will be a live webcast of this on: www.balfourbeatty.com/webcast. The webcast will be recorded and subsequently available at Results, reports and presentations - Investors - Balfour Beatty plc

All non-media related enquiries should be directed to +44 (0)20 7216 6800 or [email protected]

Notes to editors:

• Balfour Beatty is a leading international infrastructure group with over 24,500 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.
• We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.
• Over the last 114 years we have created iconic buildings and infrastructure all over the world. Currently, we are working to deliver Hinkley Point C, the first UK nuclear power station in a generation; constructing the world-class arts and cultural facility, the Lyric Theatre, in Hong Kong; and designing, building, financing, operating and maintaining the Automated People Mover superstructure at the fifth busiest airport in the world, Los Angeles International Airport.

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