StockMarketWire.com - Balfour Beatty hiked its dividend after reporting a rise in half-yearly profits as its restructuring programme continued to deliver cost efficiencies and underpinned performance.

The interim dividend payment rose by 31% to 2.1 pence.

For the six months to 30 June, underlying profit from operations (PFO) increased 9% to £72m.

The order book increased 5% to £13.2bn from £12.6bn last year.

'These strong first half results demonstrate the value being created through the Build to Last programme,' the company said.

Costs were further reduced in the first half of 2019, with cumulative annualised cost savings at constant exchange rates of around £185m delivered to date through the restructuring plan.

The company reported a significant increase in average net cash, which stood at £290m, up from £161m last year.

The average net cash guidance range for the full year has been was increased to a range of £280m to £300m.

'The Board remains confident that the Group will perform in line with market expectations in 2019, with all earnings-based businesses expected to achieve industry standard margins for the full year,' the company said.

At 8:06am: [LON:BBY] Balfour Beatty PLC share price was +8.6p at 203.8p



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