LONDON (dpa-AFX) - Balfour Beatty Plc (BBY.L), an engineering and construction group, reported that its profit before taxation for the year ended 31 December 2024 declined to 214 million pounds from 244 million pounds in the prior year.
Profit attributable to equity holders for the year was 178 million pounds or 33.7 pence per share down from 197 million pounds or 34.8 pence per share in the previous year.
But underlying profit for the year improved to 227 million pounds from last year's 205 million pounds driven by the earnings-based businesses, increased gains on Investments disposals and higher net finance income. Underlying earnings per basic share were 43.6 pence compared to 37.3 pence last year.
Annual group revenues increased to 8.234 billion pounds from 7.993 billion pounds last year. Revenue, including share of joint ventures and associates, was 10.015 billion pounds up from 9.595 billion pounds in the previous year.
The company said its board recommended a final dividend of 8.7 pence per share for 2023, compared to 8.0 pence per share previously, giving a total recommended dividend for the year of 12.5 pence per share, up from 11.5 pence per share.
Additionally, the company intends to repurchase 125 million pounds of shares during the 2025 phase of its multi-year share buyback program, bringing the cumulative return to shareholders since the introduction in 2021 of the multi-year capital allocation framework to over 940 million pounds.
The Board expects an increase in profit from operations from its earnings-based businesses in 2025, with further growth in 2026.
The company said its long-term outlook remains positive, with the growth forecast in 2025 and 2026 being driven by strong visibility from its high-quality order book, alongside the further opportunities in the energy, transport and defiance sectors in the UK and the Group's chosen buildings sectors in the US. This gives the Board confidence in Balfour Beatty's continued ability to deliver profitable managed growth and sustainable cash generation, and in turn significant ongoing shareholder returns.
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