2014 First half financial report

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy

To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.

	Six months ended 30 June 2014	Six months ended 30 June 2013	Change
Revenue	£1,871.0m	£1,964.6m	-5%
Underlying profit from operations⁽¹⁾	£97.4m	£92.3m	+6%
Underlying operating margin⁽¹⁾	5.5%	5.1%	n/a
Underlying profit before taxation⁽¹⁾	£75.9m	£73.5m	+3%
Underlying earnings per share⁽¹⁾	14.7p	14.7p	-
Profit before taxation	£67.5m	£64.2m	+5%
Basic earnings per share	13.2p	13.0p	+2%
Interim dividend per share	5.6p	5.5p	+2%
Underlying profit from operations cash conversion⁽¹⁾	127%	5%	n/a

(1)	The underlying results stated above are based on the definitions included in the key financial figures on page 3.
(2)	Based on expected revenue and secure and probable orders, which exclude variable work and re-bids.

		2014	2013	Change
Income statement
Total revenue	£m	1,871.0	1,964.6	-5%
Underlying profit from operations⁽¹⁾	£m	97.4	92.3	+6%
Total Group underlying operating margin⁽²⁾	Percentage	5.5	5.1	n/a
Support services underlying operating margin⁽²⁾	Percentage	5.0	4.0	n/a
Middle East construction services underlying operating margin⁽²⁾	Percentage	6.2	4.5	n/a
Construction services (excluding the Middle East) underlying operating margin⁽²⁾	Percentage	4.2	3.8	n/a
Underlying profit before taxation⁽³⁾	£m	75.9	73.5	+3%
Profit before taxation	£m	67.5	64.2	+5%
Underlying earnings per share⁽⁴⁾	Pence	14.7	14.7	-
Basic earnings per share	Pence	13.2	13.0	+2%
Dividends
Proposed interim dividend per share	Pence	5.6	5.5	+2%
Underlying proposed dividend cover⁽⁴⁾	Times	2.6	2.7	n/a
Basic proposed dividend cover	Times	2.4	2.4	n/a
Cash flow statement
Cash generated from operations⁽⁵⁾	£m	123.5	5.0	+2,370%
Underlying profit from operations cash conversion	Percentage	126.8	5.4	n/a
Deficit pension contributions	£m	(19.1)	(19.2)	+1%
Balance sheet
Net borrowing	£m	(203.6)	(270.8)	+25%
Committed borrowing facilities (£785 million maturing in 2018)	£m	850.0	802.5	+6%
Private placement borrowings maturing between 2017 and 2024 (£135 million and US$ 280 million)	£m	298.7	310.0	-4%
Net retirement benefit liability (net of taxation)	£m	(304.7)	(283.8)	-7%
Net assets⁽⁶⁾	£m	968.7	1,001.6	-3%

(1)	After Joint Ventures net financial expense of £3.9 million (2013: £4.8 million) and Joint Ventures taxation charge of £1.1 million (2013: £2.3 million) and before intangible amortisation of £8.4 million (2013: £9.3 million).
(2)	Before Joint Ventures net financial expense, Joint Ventures taxation charge and intangible amortisation.
(3)	After Joint Ventures taxation charge and before intangible amortisation.
(4)	Before intangible amortisation.
(5)	Before pension deficit recovery payments and rationalisation costs and after proceeds on the disposal of Public Private Partnership equity investments and dividends received from Joint Ventures.
(6)	2013 restated for the retrospective adjustment to provisional amounts recognised on the acquisition of the Bouchier Group in 2012.

Companies

UK 100

Latest directors dealings