Last checked at 14 May 2015 07:00
14 May, 2015
AGM TRADING UPDATE
Balfour Beatty, the international infrastructure group, is holding its Annual General Meeting at 11am today.
The Group is focused on rolling out its Build to Last transformation programme. Actions are being taken to strengthen operational processes and to improve efficiency across the organisation to achieve the initial financial targets of £200 million cash in and £100 million cost out over the first 24 months. At the same time, the leadership team continues to review the Group's businesses and manage the legacy problem construction projects through to completion.
Leo Quinn, Balfour Beatty Group Chief Executive said: "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."
Philip Harrison, as previously announced, will be joining the Group as Chief Financial Officer. The Group today confirms that he will take up his position and join the Board on 1 June, 2015.
ENDS
Analyst/investor enquiries:
Peter Young
Tel. +44 (0)20 7216 6824
Peter.H.Young@balfourbeatty.com
Media enquiries:
Louise McCulloch
Tel. +44 (0)20 7216 6846
Louise.McCulloch@balfourbeatty.com
Notes to editors:
Balfour Beatty is a leading international infrastructure group. With 36,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth.
We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings. Our main geographies are the UK, US, Middle East and South East Asia. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics' Aquatic Centre, Hong Kong's first Zero Carbon building, the world's biggest shopping mall in Dubai, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.