In February 2016, we announced targets to reduce our internal costs by $300 million, with initiatives to deliver the first $120 million in annualized benefits already in place. During financial year 2016 we exceeded our target of cost reductions and reduced our annualized overhead costs by $200 million.
We identified initiatives to generate the further $150 million in annualized benefits from the current baseline through a combination of cost reduction and revenue improvement initiatives. A structured program is in place with actions underway in a wide range of areas across the business including: restructuring our support functions and general management, improving our resource utilization, increasing utilization of our GDC, assessing remuneration against local markets and adjusting where appropriate, rationalizing office space utilization, exiting unprofitable or non-strategic locations, aggressive management of our spend with third parties, review of underperforming projects to improve margins and a restructure of the information technology platform and support organization.
We restructured business development into a global sales and marketing group with an acute focus on leveraging our global scale and capability more effectively with a more aggressive pursuit in our current markets and the growth markets of tomorrow. The combination of structure, focus and reduced costs is expected to increase our market share.
We also announced our commitment to strengthen the balance sheet by targeting an improvement in cash position by $300 million. Through a focused short term effort across the Group, we have reduced our net debt by $115 million and reduced our day sales outstanding to 78 days. By implementing a number of system and process changes into the business, we expect to continue our performance improvement towards industry average of 65 days.