A recent announcement by Balfour Beatty’s chief executive Leo Quinn has revealed that the contractor is not quite over their “short term challenges” yet.
Following his appointment at Balfour at the start of this year, Quinn has helped to direct the firm towards delivering on their “Build to Last” turnaround programme. It was intended for this scheme to repair the problems within the contractor which has contributed to two consecutive years of financial issues.
The contractor’s current aims are to generate more than £200m in case and reduce the cost of the business by £100m; this is expected to occur within the first 24 months of ‘Build to Last’ going live.
Mr Quinn stated: “We 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.
“At the same time, we see continued evidence that we retain the support, trust and confidence of our customers in Balfour Beatty’s expertise. I continue to believe all our operations should achieve industry- standard performance against what appears to be a beneficial market environment.”
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