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Balfour Beatty bolsters buyback programme to £150m; annual profit falls
StockMarketWire.com
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Infrastructure company Balfour Beatty increased its buyback programme to £150 million from £50 million, citing confidence in future cash generation.
The update was provided alongside full-year results showing a sharp fall in profit as the pandemic dented productivity and increased costs.
For 2020, pre-tax profit fell to £15 million from £93 million, while revenue rose to £8.59 billion from £8.41 billion.
Underlying profit from operations fell to £51 million £221 million as the company repaid the loan under the UK Job retention scheme.
'As a result of the market uncertainty generated by COVID-19, the number of transactions in 2020 was relatively low for the infrastructure investments business with only two new projects and no disposals,' the company said.
The share buyback programme that was announced in January 2021, was increased to £150 million.
A final dividend of 1.5 pence was recommended, down from 2.1 pence a share.
The company re-iterated its 2021 profit from operations outlook for earnings-based businesses to be in line with 2019.
'In 2021, the Group will re-commence the sale of investments assets timed to optimise value to shareholders, as demand for high quality infrastructure assets in the secondary market is expected to exceed supply,' the company said.
At 9:10am: (LON:BBY) Balfour Beatty PLC share price was 0p at 258.8p
Story provided by StockMarketWire.com
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