LONDON (dpa-AFX) - Balfour Beatty Plc (BBY.L) reported that its profit after tax for fiscal year 2019 declined to 133 million pounds or 18.8 pence per share from 135 million pounds or 19.5 pence per share last year.
But, underlying profit after tax of rose to 186 million pounds from 179 million pounds in the prior year.
Profit before taxation was 138 million pound, up from 123 million pound in the previous year.
Statutory profit from operations increased to 159 million pounds from 147 million pounds last year.
Statutory revenue, which excludes joint ventures and associates, was 7.313 billion pounds, up from 6.634 billion pounds in the prior year. Underlying revenue grew 8% to 8.405 billion pounds, while it was up 5% at CER.
The Board has decided to recommend an 33% increase in the dividend.
The Board recommended a final dividend of 4.3 pence per share, giving a total recommended dividend for the year of 6.4 pence per share, compared to 4.8 pence per share paid in 2018.
The Board confidence that it will continue to deliver profitable managed growth and cash generation on a sustainable basis.
The Group is continuing to pay down borrowings with US$46 million of US private placement notes repaid in early March 2020, and 112 million pounds of preference shares to be repaid in July 2020. In addition, the Board will review Balfour Beatty's capital structure once there is clearer understanding of the COVID-19 situation.
'While COVID-19 continues to evolve, Balfour Beatty is monitoring developments closely, looking to mitigate the risk that it may have on the Group's employees, customers and supply chain. At this point in time, all sites and offices in the UK, the US and Hong Kong remain open. However, it is too early to fully assess any impact of the outbreak on the operational and financial performance of the Group,' the company said.
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