BALFOUR Beatty group chief executive Leo Quinn has said the actions taken by the business over the past two years have been necessary to “lay a solid foundation for long term profitable growth”.
The firm provided a trading update, in which it said the first phase of the Build to Last transformation programme is nearing completion and has delivered “fundamental change” to the Group.
Balfour Beatty aded that the business has been “simplified”and the leadership team strengthened. The company said governance and processes are in place to drive “greater transparency and control”.
By year end, Balfour Beatty said it expects to deliver its phase one self-help targets of £200 million cash in: £100 million cost out and also to have a positive net cash balance.
The business added that management of legacy issues across the portfolio is “proceeding to timetable” and remains in line with overall expectations.
Leo Quinn said: “The actions that we have taken during the first two years of Build to Last have been necessary to lay a solid foundation for long term profitable growth. Our people have responded to this challenge with passion and commitment. I am confident that the next 24 months of Build to Last will see the Group achieving industry-standard margins.”