Balfour Beatty has launched a ‘Build to Last’ programme to transform its fortunes and drive continual growth across all of its businesses.
The new initiative aims to bring each business unit up to industry-standard performance levels following the findings of a KPMG report which identified several key weaknesses across the company.
Initially, ‘Build to Last’ will focus on delivering rapid improvement by strengthening Balfour Beatty’s financial standing and simplifying its activities. It will also seek to attract, retain and develop staff through investment in training, as well as improve the execution of the company’s projects and services. Finally, it will also look to prioritise safety at all levels and for all employees, sub-contractors, customers and communities.
Leo Quinn, group chief executive of Balfour Beatty, said: “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.
“Longer term, we will shape a Group with leadership in key markets, driving best-in-class performance from a platform of strong capability, leaner processes and robust execution.”
The launch of the ‘Build to Last’ plan follows several efforts Balfour beatty has already made to improve its standing on the global stage. Mr. Quinn was appointed at the beginning of 2015 to help improve the business, while the company has also recently hired a new chief financial officer and non-executive chairman . As well as strengthening its leadership, the company also has plans to consolidate its UK functions to improve efficiency, as well as redouble efforts to generate revenue and streamline its property portfolio to reduce costs, such as the recent closure of its Nottingham office.
Further details on the programme and an update on Balfour Beatty’s progress will be provided with the group’s preliminary results on March 25, 2015.
