Balfour Beatty pays down almost half of its debt

Balfour Beatty has paid down half of its debt following the completion of a £252.7 million convertible bond repayment.

The repayment, made from available cash resources within the group, means the contractor has paid down 45% of its gross debt in the last 12 months.

The move comes just after Kier launched a £264 million rights issue to help accelerate its own debt reduction programme.

Balfour Beatty’s ‘Build to Last’ transformation programme resulted in a return to operating profit for the firm’s UK construction business earlier this year.

Related posts