Balfour Beatty is expecting 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 by year end, according to its latest trading update covering the period to 12 December 2016.
The first phase of the international infrastructure group's Build to Last transformation programme is now nearing completion and has delivered fundamental change to the Group. The update says the business has been simplified and the leadership team strengthened, with governance and processes now in place to drive greater transparency and control.
By year end, the Group 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.
Balfour Beatty said the management of legacy issues across the portfolio is proceeding to timetable and remains in line with overall expectations.
Looking to the future, the updates says Balfour Beatty is continuing to win landmark contracts across its chosen markets on terms which reflect the Group’s improved governance and controls and its order book has remained stable during the second half of 2016.
Leo Quinn, Balfour Beatty Group Chief Executive, 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”.
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