Interim results for the six months to 31 December 2012
Highlights
- Total revenue of £976m (2011: £1,046m)
- Underlying pre-tax profits* of £27.0m (2011: £34.0m)
- Underlying EPS* of 53.5p (2011: 70.3p)
- Construction margins* at 2.1% (2011: 2.5%) and Services margins* at 4.3% (2011: 4.5%)
- An exceptional charge of £4.4m (2011: nil) to reflect the restructuring of our business
- Interim dividend of 21.5p (2011: 21.5p)
- Group cash of £105m at 31 December 2012 (30 June 2012: £159m), after approximately £80m
reinvestment in the Group and issuance of 7-year and 10-year notes totalling £63m
- Order books remain healthy for Construction at £2.1bn (2011: £2.2bn) and Services £2.1bn (2011:£2.1bn) following approximately £800m of awards in the period
- Construction and Services order books have 100% and 96% respectively of targeted revenue for the year to 30 June 2013 secured and probable; and 66% and 85% respectively of targeted revenue for the year to 30 June 2014 secured and probable
- The pipeline across our Property division has increased to more than £1.3bn (2011: £0.7bn)
* Underlying margins, pre-tax profits and EPS are stated before amortisation of intangible assets of £1.7m (2011: £1.7m) and exceptional restructuring costs of £4.4m (2011: nil)
Key financials
|
2012
£m
|
2011
£m
|
| Revenue: Group and share of joint ventures |
975.6 |
1,045.9 |
| Operating profit: Group and share of joint ventures* |
27.8 |
33.7 |
| Profit before tax* |
25.3 |
32.3 |
|
|
|
|
P
|
P
|
| Earnings per share* |
53.5 |
70.3 |
| Dividend per share |
21.5 |
21.5 |
|
|
|
|
£m
|
£m
|
| Average month-end net cash balance |
68 |
110 |
* Before exceptional items and amortisation of intangible assets relating to contract rights
|
