Balfour Beatty PLC (BBY)

[Steveam]

Final 3.2p (+33%)
Payable 5-July-2019

Looks to be going in the right direction. A definite improvement in quality of business and being reflected in paying down debt and increased cash.

https://www.balfourbeatty.com/fullyear2018

(Edited 13/3 to correct title. Raptor [/mod]

[Crazbe7]

In a depressing environment for construction, Balfour Beatty's half year results are a welcome change. Headlines below:-

On track to deliver full year performance in line with market expectations

• Underlying profit from operations (PFO) increased 9% to £72 million (2018: £66 million)
• PFO from earnings-based businesses increased 29% to £63 million (2018: £49 million)
• Significant increase in average net cash at £290 million (2018: £161 million)
o Increasing full year average net cash guidance range by £50 million to £280 - £300 million
• Order book increased 5% to £13.2 billion (FY 2018: £12.6 billion), whilst maintaining Build to Last disciplines
• Sector leading balance sheet, underpinned by £1.2 billion Investments portfolio
• Interim dividend payment up 31% to 2.1 pence (2018: 1.6 pence)

Full results at https://www.balfourbeatty.com/media/318 ... -board.pdf

Crazbe7

[idpickering]

Balfour Beatty Trading Update

The Group is on track to deliver another year of profitable managed growth.


· Order book: The year end order book is expected to be in excess of £14 billion, significantly higher than 2018 (£12.6 billion). The order book does not include work won on the HS2 civils or station contracts, which will only be included when the full project is given notice to proceed.

· Revenue: Full year Group revenue is expected to be approximately 5% higher than prior year (2018: £7.8 billion).

· Profit: Group profit from operations for the full year is slightly ahead of the Board's expectations, following additional Infrastructure Investment disposals in the second half of the year, and is broadly in line with prior year (2018: £205 million). All earnings based businesses (UK Construction, US Construction and Support Services) are expected to achieve industry standard margins for the full year 2019.

· Cash: 2019 average monthly net cash is now forecast to be around £310 million, ahead of the previous £280 million to £300 million guidance (2018: £194 million).

· Balance Sheet: In October, the Group successfully concluded the refinancing of its core revolving credit facility, entering into a £375 million agreement that extends to October 2022. The previous facility expired in December 2020. The terms of the new facility are substantially unchanged. As at 11 December, this facility was undrawn.

https://www.investegate.co.uk/balfour-b ... 00075796W/

[Dod101]

About the only real positive news is that average monthly cash looks as if it will be slightly higher. The comment on margins is not exactly encouraging, ' expected to achieve industry standard margins'. Translating that, it sounds as if it means, 'we are no worse than anyone else'

Dod

[idpickering]

About the only real positive news is that average monthly cash looks as if it will be slightly higher. The comment on margins is not exactly encouraging, ' expected to achieve industry standard margins'. Translating that, it sounds as if it means, 'we are no worse than anyone else'

Dod

I've never held these, but nearly picked them up years ago, when I still had Carillion.

Ian.

[Crazbe7]

Finally nearing the end of a disastrous construction contract in Scotland with the following announcement yesterday.

Aberdeen Western Peripheral Route Claim
23 December 2019
The Aberdeen Roads Limited joint venture is in advanced discussions with the client regarding a settlement to resolve its claim on the construction of the Aberdeen Western Peripheral Route (AWPR).
A conclusion to these advanced discussions would result in Balfour Beatty receiving around £32 million as part of the settlement with no material change to the Group’s balance sheet position. Any settlement would remain subject to usual consents and approvals of all interested stakeholders.
Balfour Beatty continues to expect profit from operations for the year ended 31 December 2019 to be in line with the Trading Update provided on 12 December 2019.

Crazbe7

[idpickering]

BALFOUR BEATTY PLC FULL YEAR RESULTS 2019

Here; https://www.investegate.co.uk/balfour-b ... 00046885F/

Also on HYP Practical.

[miner1000]

I hold these. I think it was a Luni recommendation way back when.

They have not been too bad, and now look they may well outperform. We will see.

Miner

[idpickering]

BALFOUR BEATTY AWARDED £1.2 BILLION LOWER THAMES CROSSING CONTRACT.

Balfour Beatty, the international infrastructure group, today announces that it has been awarded a £1.2 billion contract by National Highways to deliver the 'Roads North of the Thames' package of works for the proposed Lower Thames Crossing.

The Lower Thames Crossing will create a new connection under the River Thames to increase capacity and ease congestion in the South of England.

Balfour Beatty will be responsible for the design and delivery of over 10 miles of new highways, connecting the M25 at Junction 29 and the A13 with the Lower Thames Crossing tunnel at Tilbury, Essex.

In addition, the company will deliver 49 structures including bridges and major viaducts. Balfour Beatty will utilise modular construction techniques to build the structures offsite in a controlled factory environment, significantly reducing carbon emissions by minimising the number of lorry movements and material deliveries to and from site. This approach will support Balfour Beatty's commitment to going Beyond Net Zero Carbon by 2040, as well as National Highways' low carbon targets for the project.

https://www.investegate.co.uk/balfour-b ... 00044710N/

Ian (No holding).

[idpickering]

Share Buyback Programme.

Balfour Beatty, the international infrastructure group, today announces that, further to the release of its full year results on 15 March 2023 it intends to repurchase up to a maximum aggregate consideration of £150 million of Ordinary Shares during the 2023 phase of the share buyback programme (the 'Share Buyback') (inclusive of the initial tranche of the 2023 share buyback of £50 million announced on 3 January 2023), which is intended to be completed before 31 December 2023.

The purpose of the share buyback is to reduce the share capital of Balfour Beatty, with the purchased shares to be held in treasury.

The maximum number of shares to be purchased under the Share Buyback is 86,073,630 Ordinary Shares (which is subject to shareholder authority given at the 2023 AGM). The Group confirms that it currently has no unpublished price sensitive information.

The Group will make further regulatory announcements to shareholders in respect of purchases of Ordinary Shares by the Group after they occur.

https://www.investegate.co.uk/balfour-b ... 27385675T/

Ian.

[idpickering]

BALFOUR BEATTY 2023 AGM TRADING UPDATE.

Ahead of today's Annual General Meeting, Balfour Beatty announces an update on trading for the period 1 January 2023 to date.

Overall trading has been in line with expectations and the Board continues to expect the Group's 2023 profit from operations from its earnings-based businesses to be broadly in line with 2022.

At the end of March, the Group's order book was £17.0 billion (December 2022: £17.4 billion). New projects added to the order book in the first quarter of 2023 include a £297 million seven-year East Sussex road maintenance contract, a US$242 million design-build highways contract in North Carolina and US$230 million of data centres in the US Northwest.

Over the first three months of 2023, the average monthly closing net cash balance was £740 million (FY 2022 average: £804 million, 2022 closing: £815 million) driven by an expected working capital outflow of around £100 million and share buybacks. The Board continues to expect a full year working capital outflow of between £75 and £125 million for 2023 and for the £150 million share buyback to be completed by the end of the year, with £75 million completed to date.

https://www.investegate.co.uk/announcement/7523950

Ian (No holding).

[idpickering]

Share Buyback Programme

Balfour Beatty, the international infrastructure group, today announces that, further to its trading update announcement on 7 December 2023, it has appointed its corporate brokers to manage an initial tranche of its 2024 share buyback programme and to repurchase Ordinary Shares on its behalf up to a maximum aggregate consideration of £50 million, intended to be completed by 30 June 2024.

The total anticipated 2024 share buyback will be confirmed at the Group's full year results in March.

https://www.investegate.co.uk/announcem ... me/7969763

Ian (No holding).