Balfour Beatty is still taking action to deliver its two-year financial target, chief executive Leon Quinn said this morning.

In a short statement ahead of today’s annual general meeting, the firm said it is making progress on measures to improve its operational performance, following a slew of profit warnings issued by the company in 2014, and it is continuing to review its existing business and work through legacy problem construction projects.

Mr Quinn said actions are being taken to strengthen operational processes and to improve efficiency across the organisation to achieve the initial financial targets of £200 million cash in and £100m cost out over the first 24 months. At the same time, the leadership team continues to review the group’s businesses and manage the legacy problem construction projects through to completion.

Quinn launched his two-year turnaround programme called Build to Last in February. After going through the UK books to unearth the full extent of problems jobs in the UK, he is now looking at the US, Middle and Far East operations.

He said: “We are making progress as we work to deliver the initial phase of the Build to Last transformation programme, against a backdrop of major short-term challenges.

“The internal focus on cash is vital to maintain a strong balance sheet through self-help. At the same time, we see continued evidence that we retain the support, trust and confidence of our customers in Balfour Beatty’s expertise.”

He added: “I continue to believe all our operations should achieve industry-standard performance against what appears to be a beneficial market environment.”

As previously announced Philip Harrison will be joining the group as chief financial officer on 1 June, 2015.