{"id":1431,"date":"2018-12-14T07:36:21","date_gmt":"2018-12-14T07:36:21","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=1431"},"modified":"2018-12-14T07:36:21","modified_gmt":"2018-12-14T07:36:21","slug":"balfour-beatty-delivers-2-3-construction-margin-goal","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/balfour-beatty-delivers-2-3-construction-margin-goal\/","title":{"rendered":"Balfour Beatty delivers 2-3% construction margin goal"},"content":{"rendered":"

Balfour Beatty chief Leo Quinn has achieved his goal of returning the business to industry standard margins by the end of this year.<\/p>\n

In a trading statement this morning he revealed construction margins had returned to 2-3% in the second half of the year, despite a competitive\u00a0market backdrop.<\/p>\n

At the support services operations profit is also expected to grow, with the margin showing further improvement within its 3-5% industry standard target range.<\/p>\n

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He also said Balfour Beatty’s performance for the year would be above previous expectations as a result ofsecuring the partial sale of 80% of its Edinburgh University student accommodation project for \u00a324m.<\/p>\n

The improved performance delivers the second phase of Quinn’s Build to Last programme, which has turned around Balfour’s fortunes\u00a0over three years.<\/p>\n

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Balfour Beatty has also succeeded in paying down nearly half of its gross debt in the last 12 months.<\/p>\n

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The progress in reducing debt from around \u00a3640m to nearer \u00a3350m comes amid growing concern about the tightening debt markets for contractors.<\/p>\n<\/div>\n

Quinn said: “We are on track to deliver our Build to Last Phase Two goal of achieving industry standard margins in all earnings based businesses in the second half of 2018.\u00a0<\/span><\/p>\n

“The actions we have taken since the start of 2015 have created a strong foundation for the future.\u00a0<\/span><\/p>\n

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“We have consistently invested in our capabilities, systems and leadership while de-risking the business, strengthening the balance sheet and selectively building the order book.<\/span><\/p>\n

“Going forward, we aim to drive market leading performance by using the disciplines we have instilled to translate Balfour Beatty’s expert capabilities into long term profitable growth.”\u00a0\u00a0<\/span><\/p>\n

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from Construction Enquirer https:\/\/ift.tt\/2QYuJAh<\/p>\n","protected":false},"excerpt":{"rendered":"

Balfour Beatty chief Leo Quinn has achieved his goal of returning the business to industry standard margins by the end of this year. In a trading statement this morning he revealed construction margins had returned to 2-3% in the second half of the year, despite a competitive\u00a0market backdrop. At the support services operations profit is […]<\/p>\n","protected":false},"author":1,"featured_media":152,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-1431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1431"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1431\/revisions"}],"predecessor-version":[{"id":1432,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1431\/revisions\/1432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/155"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}