Balfour Beatty has said it will be “net cash positive at the year end” following the successful refinancing of its bank facility.

The international infrastructure group said today that its Build to Last transformation programme continues to gain traction, as new standardised processes and controls are rolled out across the businesses.

A trading statement for the period to December 8 added: “The Group has had success in winning new contracts on improved terms; the order book is expected to remain broadly stable in the second half. At the same time the Group remains focused on managing the historic problem projects across the business through to completion. The Group expects to be net cash positive at the year end.”

Balfour has also agreed a new £400 million syndicated revolving credit facility, refinancing the existing facilities that had been due to expire in 2016. The size of the credit facility has been reduced, consistent with the Group’s ongoing capital requirements and the underlying strength of the balance sheet. The new facility extends through to 2018, with the option for two additional one-year extensions through to 2020.

Leo Quinn, Balfour Beatty Group chief executive, said: “As we near the end of Year One of the Build to Last programme, we continue to work through the challenges of the legacy problems. However, we are putting in place the systems and processes that should transform Balfour Beatty into a stronger business, as demonstrated by our successful refinancing.

“Over the medium term, I remain convinced that these actions will drive superior performance, to the benefit of our customers, employees and shareholders.”