Troubled contractor issues trading update ahead of its annual general meeting today
Balfour Beatty鈥檚 chief executive Leo Quinn has said the contractor is still facing 鈥渕ajor short term challenges鈥�, in a trading update to investors issued this morning.
Quinn (pictured), who joined Balfour at the start of this year, said the firm was focussed on delivering its 鈥楤uild to Last鈥� turnaround programme, designed to address problems at the contractor that have contributed to two years of bad financial news.
Balfour鈥檚 initial targets are to generate 拢200m in cash and take 拢100m of cost out of the business over the first 24 months of Build to Last.
The statement added: 鈥淎t the same time, the leadership team continues to review the Group鈥檚 businesses and manage the legacy problem construction projects through to completion.鈥�
Quinn said: 鈥淲e are making progress as we work to deliver the initial phase of the Build to Last transformation programme, against a backdrop of major short-term challenges. The internal focus on cash is vital to maintain a strong balance sheet through self-help.
鈥淎t the same time, we see continued evidence that we retain the support, trust and confidence of our customers in Balfour Beatty鈥檚 expertise. I continue to believe all our operations should achieve industry-standard performance against what appears to be a beneficial market environment.鈥�
No comments yet