The turnaround plan installed at Balfour Beatty has delivered “fundamental change” to the group, according to its chief executive Leo Quinn.

Mr Quinn, who was brought in to rescue Balfour Beatty in January 2015 after it recorded a £304 million pre-tax loss, said today the first phase of his Build to Last transformation programme is now nearing completion and that the business has been simplified and the leadership team strengthened.

By year end, Balfour Beatty expects to deliver its phase one self-help targets of £200m cash in: £100m cost out and also to have a positive net cash balance.

Management of legacy issues across the portfolio is proceeding to timetable and remains in line with overall expectations, the firm said.

Looking to the future, Balfour Beatty continues to win landmark contracts across its chosen markets “on terms which reflect the group’s improved governance and controls”. Its order book has remained stable during the second half of 2016.

Leo Quinn said: “The actions that we have taken during the first two years of Build to Last have been necessary to lay a solid foundation for long term profitable growth. Our people have responded to this challenge with passion and commitment. I am confident that the next 24 months of Build to Last will see the Group achieving industry-standard margins.”