Balfour Beatty has reported an underlying revenue of £8.2 billion in 2021 compared to £8.5 billion in 2020, and points to a quality £16 billion order book of future business.
Balfour Beatty enjoyed a share price rise of 3.4% to 240.6p in early morning trading on Thursday after the company results for 2021 exceeded expectations in profit recovery and hiked their dividend.
The infrastructure group reported an underlying profit from operations of £197 million in 2021 against £51 million in 2020, alongside a pre-tax profit of £187 million in 2021 compared to £36 million in 2020.
Balfour Beatty released a total dividend per share of 9p compared to 1.5p in 2020.
The company’s financial highlights included a “sector-leading” balance sheet, underpinned by a £1.1 billion investments portfolio, a £57 million dividend and continued recovery in its underlying profit from operations.
Balfour Beatty also announced the next phase of its multi-year share buyback programme of £150 million for 2022.
“In 2021, despite the challenges presented by COVID-19, we have delivered operating profits ahead of expectations,” said Balfour Beatty CEO Leo Quinn.
“Balfour Beatty emerges from the last two years with capabilities intact and a higher quality order book.”
“Together these provide the visibility to deliver profitable managed growth and sustainable cash generation.”
“With a transformed portfolio focused on favourable infrastructure markets across our chosen geographies and our sector leading balance sheet, we are confident of delivering significant future returns to shareholders.”