LONDON (dpa-AFX) - Balfour Beatty Plc (BBY.L), a British infrastructure company, on Wednesday posted a decline in pre-tax income. However, the firm registered an increase in revenue, supported particularly by a rise in revenue from Construction Services segment.
In addition, the company has raised its annual total dividend and announced a share repurchase drive of 100 million pounds.
For the 12 month period, the company posted a pre-tax income of 244 million pounds, lesser than 287 million pounds in the previous year.
Excluding items, pre-tax earnings were at 261 million pounds, compared with 291 million pounds in 2022, due predominantly to lower gains on investment disposals as guided.
Net profit stood at 194 million pounds or 34.8 pence per share as against last year's 287 million pounds or 46.3 pence per share.
Adjusted profit was at 205 million pounds, lesser than 290 million pounds a year ago.
Profit from operations slipped to 211 million pounds from 275 million pounds a year ago.
Group operating profit was down at 158 million pounds, compared with 170 million pounds a year ago.
Cost of sales climbed to 7.593 billion pounds from last year's 7.202 billion pounds.
Group Revenue was 7.993 billion pounds, up from 7.629 billion pounds in 2022.
Revenue including share of joint ventures and associates rose to 9.595 billion pounds from 8.931 billion pounds a year ago.
Construction Services segment generated revenue of 8.081 billion pounds, higher than 7.482 billion pounds last year.
The Board will pay a final dividend of 8 pence per share, bringing the total dividend for the year to 11.5 pence per share, higher than last year's 10.5 pence per share. The final dividend will be paid on July 3 to shareholders on the register as of May 17.
Balfour Beatty said that it intends to repurchase 100 million pounds of shares in 2024.
Looking ahead, the company expects gains on investment disposals of 20 million pounds to 30 million pounds.
Capital expenditure for the year is expected to return closer to pre-2023 levels of around 35 million pounds.
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