Construction News: The Balfour Beatty Turnaround
After the year started with a shaky start for the construction industry after the collapse of Carillion it is good to hear some good news.
Balfour Beatty were in disarray in 2014 with reports of declining profits and leadership changes. In fact Carillion tried to buy out Balfour for £2.1bn, instead in came Leo Quinn as the company CEO.
He may have riled a few with the changes he made to the tender process and company structure, but his hands on approach to the role and a change to focus on cash generation has lead Balfour to turn its fortunes around and now has "the industries strongest balance sheets" according to Leo.
Let's hope that others can follow suit and make the difficult and potentially unpopular decisions needed to prevent further collapses.