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12/12/2017
2017 Performance 'Remains In Line With Expectations' - Balfour Beatty
Balfour Beatty has reported its performance for 2017 remains "in line with Board expectations" as the Group continues its turnaround plan.
In a trading update, Chief Executive Leo Quinn said actions taken during the first three years of the Build to Last programme have "laid a solid foundation for long term profitable growth".
"We continue to invest in our capabilities while de-risking the business," he said.
"The order book increasingly consists of projects bid and delivered under our enhanced transparency, governance and controls and I remain confident that the Group will achieve industry-standard margins in the second half of 2018."
Year end net cash is expected to be in line with the previous year at around £40m, while proceeds from the recent disposal of Heery International, operating cash flows and expected future sales from the Investments portfolio, place Balfour Beatty in an "excellent position" to pay down borrowings as they fall due in 2018.
Image: Chief Executive Leo Quinn.
(LM)
In a trading update, Chief Executive Leo Quinn said actions taken during the first three years of the Build to Last programme have "laid a solid foundation for long term profitable growth".
"We continue to invest in our capabilities while de-risking the business," he said.
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"The order book increasingly consists of projects bid and delivered under our enhanced transparency, governance and controls and I remain confident that the Group will achieve industry-standard margins in the second half of 2018."
Year end net cash is expected to be in line with the previous year at around £40m, while proceeds from the recent disposal of Heery International, operating cash flows and expected future sales from the Investments portfolio, place Balfour Beatty in an "excellent position" to pay down borrowings as they fall due in 2018.
Image: Chief Executive Leo Quinn.
(LM)
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