Balfour Beatty has announced that it has succeeded in paying off nearly half of its debt in the last 12 months
Balfour Beatty, the international infrastructure group, has announced that it has completed the repayment of its £252.7m convertible bond from available cash resources within the group.
As a result of the repayment, Balfour Beatty has now paid down 45% of its gross debt in the last 12 months.
The move comes just after Kier boss Haydn Mursell announced that it planned a £264m rights issue to pay down debt and ease subcontractor payments.
Mursell 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 spokesman for Balfour Beatty 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.”
