Balfour Beatty pays down nearly half debt

Aaron Morby 1 week ago
Share

Balfour Beatty has succeeded in paying down nearly half of its gross debt in the last 12 months.

The progress in reducing debt from around £640m to nearer £350m comes amid growing concern about the tightening debt markets for contractors.

Balfour Beatty revealed the progress as it announced repayment of a £253m convertible bond today from available cash resources within the group.

The move comes just after Kier boss Haydn Mursell announced last Friday that it planned a rights issue to raise £264m to pay down debt and ease subcontractor payments.

He warned that contractors were now struggling to get credit from banks and believed at least four of the big players were feeling the squeeze.

A Balfour Beatty spokesman said: “The rest of the industry may be struggling with banks to get credit, we are on track with our turnaround plan and moving in the other direction.

“The Build to Last transformation programme will continue to deliver improved performance.”

Latest news

Essex contractor collapses after posting record results

Bolt and Heeks Ltd in administratron with 55 job losses
24 hours ago

Summer start for £25m Carlisle flood defence plan

Carilse flood defence plan to be revealed three years after storm Desmond hit
12 hours ago

Amco wins Dunbar railway station upgrade

Work to start next summer on new platform and footbridge
13 hours ago

Architects win post-Brexit talent deal

Designers win concessions but construction trade bodies still floundering
19 hours ago

Science park starts contractor hunt for £12m office scheme

Construction work up for grabs on trio of buildings near Liverpool
24 hours ago

Hitachi to pull out of £14bn Anglesey nuclear power plant

Hitachi plans for Anglesey nuclear power plant now in doubt
23 hours ago

M&E specialist Ameon replaces Imtech on Graham site

Subcontractor steps in to keep project on track
23 hours ago

Marshalls to buy rival concrete brick maker

Marshalls to buy Edenhall for up to £17m
23 hours ago

Argent gets go-ahead for major Tottenham Hale revamp

Contractor hunt to start soon with construction set to start next summer
2 days ago

Drylining boss banned for tax dodging

Insolvency Service investigators uncover huge CIS and VAT payment discrepancies
2 days ago

£2bn Elephant & Castle shopping centre scheme final go-ahead

Demolition to start after London mayor nods through vast scheme
2 days ago

Modular building specialist goes into administration

Timber accommodation pod maker Carbon Dynamic runs out of cash on major contract
2 days ago

Structural engineer crushed under scaffold tubes

Housing giant and scaffold contractor fined a total of £180,000
2 days ago

Consultant MHBC merges with Cumming

City of London based firm now part of global giant
2 days ago

Crossrail delayed again as costs rise by another £2bn

Mayor attacks previous management team who insisted project was "on time and on budget"
3 days ago

Top housing association hires Lendlease resi chief

Richard Cook will lead Clarion Group's ambitious development plans
3 days ago

UK’s tallest Premier Inn plan in Docklands

Premier Inn books in at 30-storey mixed resi and hotel scheme
2 days ago

Kier wins £45m Cambridge schools campus phase one

Northstowe education campus includes a new 1,800 pupil secondary
2 days ago

Ian Lawson to advise McLaren on growth plans

Former Severfield and Kier boss becomes consultant at expanding contractor
3 days ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
7 months ago

Interserve shares collapse as rescue talks continue

Shares slump to all-time low as firm now worth under £13m
3 days ago

Forrest falls into administration

Construction and housing divisions to cease trading while Engie buys refurb and energy contracts
6 days ago

Wates chief draws up first best behaviour code for private firms

Wates Principles to raise corporate governance standards at private firms
3 days ago

Plan for Bristol Finzels Reach £140m phase 2

Former Avon Fire and Rescue HQ to be transformed with 300 homes and offices
3 days ago

Labour calls for public contract bidding ban on Interserve

Shadow minister demands action to protect taxpayers
3 days ago

£750m East of England framework out for rebid

Construction work to be broken into four project value bands
3 days ago

Lakehouse staff let go as subcontractors quit sites

Workers made redundant and suppliers leaving sites just months after sale
6 days ago

Kier scores November contracts league double

£300m London luxury flats project extends Kier's lead at top of annualised league
6 days ago

Green light for £300m Norwich mixed used scheme

Weston Homes to build 1.2m sq ft scheme creating a "Covent Garden" style urban quarter
6 days ago

Former Kier boss joins McCarthy & Stone

Nigel Turner to lead drive to reduce construction costs
6 days ago

Contractor services