 rose nearly 7 percent in early trading on Wednesday, after both profit and revenues saw significant jumps in the six months to June.){kind=link}
Shares in infrastructure firm Balfour Beatty (LON:BBY) rose nearly 7 percent in early trading on Wednesday, after both profit and revenues saw significant jumps in the six months to June.
Underlying pre-tax profits rose to £22 million, with underlying revenues rising 8 percent to £4.2 billion this year. Net cash hit £161 million this year, up from £115 million last year.
The US saw a particularly strong performance, rising 40 percent to £17 million, while the UK moving to a £2 million profit after reporting a £69 million loss last year.
The figures represent a strong improvement on the company’s performance two years ago, when it issued its eighth profit warning. Investors were cheered by the news that underlying earnings per share jumped to 3.3p, from 2p in the first half of 2016, while dividend per share rose by a third to 1.2p.
Leo Quinn, the group’s chief executive, said: “These results demonstrate the transformation being driven by focusing Balfour Beatty relentlessly on its chosen markets and capabilities. Profitability is rising, backed by positive cash flow from operations, and the Group had average net cash during the period; all achieved without any material investment disposals.
“The Group remains on track to achieve industry-standard margins in the second half of 2018, and in line with this, we are declaring an interim dividend of 1.2 pence per share.”
Shares in the company are currently trading up 6.86 percent at 281.95 (0848GMT).