(Alliance News) - Balfour Beatty PLC said on Thursday that its annual results were ahead of expectations despite the challenge of Covid-19, and it has upped its 2022 share buyback to GBP150 million.
The FTSE 250-listed construction firm nearly doubled its pretax profit in 2021 to GBP87 million from GBP48 million in 2020, but revenue slipped 3.8% to GBP8.26 billion from GBP8.59 billion.
Underlying profit from operations from earnings-based businesses more than doubled to GBP181 million from GBP75 million, and was ahead of the GBP172 million seen in 2019.
Balfour ended 2021 with an order book of GBP16.1 billion, down slightly from GBP16.4 billion at the same point the year prior.
Balfour declared an annual dividend of 9.0 pence per share, up from 1.5p in 2020.
Chief Executive Leo Quinn said: "In 2021, despite the challenges presented by Covid-19, we have delivered operating profits ahead of expectations. 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."
Looking forward, Balfour said it expects that all its earnings-based businesses will deliver further profit growth in 2022.
Shares in Balfour Beatty were up 3.3% at 239.40 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Balfour Beatty (BBY)