Leo Quinn was brought in to rescue Balfour Beatty in January 2015 after it plummeted to a 拢304m pre-tax loss. The first phase of his transformation programme is now nearing completion and has delivered 鈥渇undamental change鈥� to the group he says.
In a trading update today, Mr Quinn said that the business has been simplified and the leadership team strengthened.
By year end, Balfour Beatty expects to deliver its phase one self-help targets of 拢200m cash in: 拢100m cost out and also to have a positive net cash balance.
Management of legacy issues across the portfolio is proceeding to timetable and remains in line with overall expectations, he said.
The company continues to win contracts across its chosen markets 鈥渙n terms which reflect the group's improved governance and controls鈥�. The order book has remained stable during the second half of 2016.
Leo Quinn said:聽 "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.聽 Our people have responded to this challenge with passion and commitment.聽 I am confident that the next 24 months of Build to Last will see the group achieving industry-standard margins".
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