Balfour Beatty PLC Balfour Beatty Trading Update (6311R)
13 December 2016 - 6:00PM
UK Regulatory
TIDMBBY
RNS Number : 6311R
Balfour Beatty PLC
13 December 2016
13 DECEMBER 2016
BALFOUR BEATTY TRADING UPDATE
Balfour Beatty, the international infrastructure group, provides
a trading update covering the period to 12 December 2016.
The first phase of the Build to Last transformation programme is
now nearing completion and has delivered fundamental change to the
Group. The business has been simplified and the leadership team
strengthened; governance and processes are in place to drive
greater transparency and control.
By year end, the Group expects to deliver its phase one
self-help targets of GBP200m cash in: GBP100m 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.
Looking to the future, Balfour Beatty continues to win landmark
contracts across its chosen markets on terms which reflect the
Group's improved governance and controls and its order book has
remained stable during the second half of 2016.
Leo Quinn, Balfour Beatty Group Chief Executive, said: "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. Our people have responded to this challenge with
passion and commitment. I am confident that the next 24 months of
Build to Last will see the Group achieving industry-standard
margins".
ENDS
Analyst/investor enquiries:
Angus Barry
Tel. +44 (0)20 7216 6824
Angus.Barry@balfourbeatty.com
Media enquiries to:
Louise McCulloch
Tel. +44 (0) 207 963 2150
Louise.McCulloch@balfourbeatty.com
Notes to editors:
Balfour Beatty (www.balfourbeatty.com) is a leading
international infrastructure group. With 34,000 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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