17th Feb 2015 11:15
LONDON (Alliance News) - Balfour Beatty PLC on Tuesday launched its business transformation programme, 'Build to Last', as the group looks to recover from a series of profit warnings over the past year.
The FTSE 250-listed construction and support services company said the programme will focus on strengthening its financial controls and transparency, on key employee and sub-contractor retention, on its bidding, contracting and risk review process for projects, and on employee safety.
Balfour is working on recovering from a slew of profit warnings issued across 2014, which resulted in it having to launch a review of its UK construction services after it got stuck in a series of unprofitable contracts.
The review also comes after the group last week ended its long-running search for a new chairman when it appointed Philip Aiken to the role. He joins Leo Quinn, who joined as Chief Executive last year, and Phil Harrison, who was appointed as the new finance director in January, in leading the attempt to revive the business.
"The group's recent trading makes it imperative to gain early momentum in our transformation plans. Whilst further challenges remain, there are clear opportunities to achieve improvements in cash generation and profitability in the near term," Quinn said Tuesday.
Shares in Balfour were down 0.5% to 236.70 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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