Investing.com -- Balfour Beatty (OTC:BAFYY), the UK infrastructure company, on Wednesday announced an increase in its dividend and plans for a share buyback this year.
The company disclosed this following an increase in its adjusted earnings throughout last year.
Balfour Beatty reported a pretax profit of 214 million pounds ($277.1 million) for the year, a decrease compared to the 244 million pounds recorded the previous year. Despite this, the company’s revenue grew by 4% to 10.015 billion pounds.
On an underlying basis, the company’s pretax profit saw an increase of 11%. The underlying profit from operations, which is the company’s preferred metric as it excludes exceptional and other one-off items, amounted to 252 million pounds. This represents a 7% increase from the previous year.
The company’s year-end order book also increased by 12% to 18.4 billion pounds.
Balfour Beatty is expecting further growth in the medium term. This growth is expected to be driven by the US building segment and the UK energy, transport, and defense markets.
The company has proposed a final dividend of 8.7 pence per share for last year, an increase from the 8.0 pence per share for 2023. In addition, Balfour Beatty plans to buy back 125 million pounds of shares this year.
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