Carillion PLC Half Yearly Report (0809X)
August 26 2015 - 2:00AM
UK Regulatory
TIDMCLLN
RNS Number : 0809X
Carillion PLC
26 August 2015
26 August 2015
Half-yearly financial report for the six months ended 30 June
2015
Performance in line with expectations
Six months Six months
ended ended
30 June 2015 30 June 2014 Change
-------------------------------------- -------------- -------------- ---------
Revenue GBP2,258.6m GBP1,871.0m +21%
-------------------------------------- -------------- -------------- ---------
Underlying profit from operations(1) GBP112.5m GBP97.4m +16%
-------------------------------------- -------------- -------------- ---------
Underlying operating margin(1) 5.1% 5.5% n/a
-------------------------------------- -------------- -------------- ---------
Underlying profit before taxation(1) GBP84.5m GBP75.9m +11%
-------------------------------------- -------------- -------------- ---------
Underlying earnings per share(1) 15.9p 14.7p +8%
-------------------------------------- -------------- -------------- ---------
Profit before taxation GBP67.5m GBP67.5m -
-------------------------------------- -------------- -------------- ---------
Basic earnings per share 12.7p 13.2p -4%
-------------------------------------- -------------- -------------- ---------
Interim dividend per share 5.7p 5.6p +2%
-------------------------------------- -------------- -------------- ---------
Underlying profit from operations
cash conversion(1) 101% 127% n/a
-------------------------------------- -------------- -------------- ---------
* First-half financial performance in line with
expectations
* Strong first-half revenue growth reflected the
exceptional volume of new contracts won in 2014
* Underlying profit and earnings grew strongly, despite
substantial costs of mobilising new contracts and the
expected effect of the margin in Construction
services (excluding the Middle East) trending down
towards a more normal level
* Strong cash flow from operations with underlying
operating cash conversion(1) of 101% (2014: 127%)
* Net borrowing at 30 June 2015 of GBP199.6 million (31
December 2014: GBP177.3 million) reflected increases
in non-operating cash flow items, including business
acquisition costs and other investments
* Balance sheet remains strong with over GBP1.3 billion
of committed funding available to the Group
* Strong, high-quality order book and growing pipeline
of contract opportunities
* New first-half orders plus probable orders of GBP1.0
billion (2014: GBP3.2 billion) reflected the expected
pause in public sector contract awards due to the UK
General Election
* Total secure orders plus probable orders remained
strong at GBP17.1 billion at 30 June 2015 (31
December 2014: GBP18.6 billion), after removing
GBP0.2 billion from the order book due to PPP equity
sales
* Revenue visibility(2) for 2015 of 96% at 30 June 2015
(2014: 93%)
* Framework contracts worth up to GBP2.5 billion, which
are not included in orders or probable orders
* Pipeline of contract opportunities increased to
GBP40.5 billion (31 December 2014: GBP39.2 billion)
* Interim dividend increased by 2% to 5.7p (2014: 5.6p)
* On track to deliver full-year revenue growth with
profit and earnings in line with expectations
1. The underlying results stated above are based on the definitions
included in the key financial figures.
2. Based on expected revenue and secure and probable orders, which
exclude variable work,
frameworks and re-bids.
Carillion Chairman, Philip Green, commented:
"I am pleased to report that Carillion has continued to perform
in line with expectations, which reflects the actions we took
during the economic downturn to position our businesses in markets
where we can now achieve revenue growth, consistent with our
targets for margins and cash flow. We have also made good progress
with mobilising a number of major new contracts won in 2014.
Therefore, with a strong order book, a growing pipeline of contract
opportunities and the prospect of market conditions continuing to
improve, our expectations for 2015 and the medium term remain
unchanged."
There will be a presentation for analysts and investors today at
09.00am. A telephone dial in facility tel: +44 1296 311600 - Access
Code: 318 357. A replay facility is also available for 30 days, the
telephone number is +44 207 136 9233 - Access Code: 34863982 - if
dialling in from overseas, please review the link attached for your
dial in telephone number
http://www.conferencingsupport.com/globalaccess/?bid=00&itfn=1&ddi=1&ref.
Carillion Analyst Presentation will be available for analysts and
investors who are unable to attend the presentation. The
presentation can be viewed on Carillion's website at
http://www.carillionplc.com/investors/reports-presentations.aspx
For further information contact:
Richard Adam, Group Finance Director tel: +44 (0) 1902 422431
John Denning, Group Corporate Affairs tel: +44 (0) 1902 422431
Director tel: +44 (0) 20 7251 3801
Finsbury - James Murgatroyd and
Gordon Simpson
26 August 2015
Notes to Editors:
Carillion is a leading integrated support services company with
a substantial portfolio of Public Private Partnership projects,
extensive construction capabilities and a sector leading ability to
deliver sustainable solutions. The Group had annual revenue in 2014
of some GBP4.1 billion, employs around 46,000 people and operates
across the UK, in the Middle East and Canada.
The Group has four business segments:
Support services - this includes facilities management,
facilities services, energy services, utilities services, road
maintenance, rail services and consultancy businesses in the UK,
Canada and the Middle East.
Public Private Partnership (PPP) projects - this includes
investing activities in PPP projects for Government buildings and
infrastructure mainly in the Defence, Health, Education, Transport
and Secure accommodation sectors in the UK and Canada.
Middle East construction services - this includes building and
civil engineering activities in the Middle East.
Construction services (excluding the Middle East) - this
includes building, civil engineering and developments activities in
the UK and construction activities in Canada.
This and other Carillion news releases can be found at
www.carillionplc.com.
Photographs:
High resolution photographs are available free of charge to the
media at www.newscast.co.uk telephone + 44 (0) 208 886 5895.
Cautionary statement
This announcement may contain indications of likely future
developments and other forward-looking statements that are subject
to risk factors associated with, among other things, the economic
and business circumstances occurring from time to time in the
countries, sectors and business segments in which the Group
operates. These and other factors could adversely affect the
Group's results, strategy and prospects. Forward-looking statements
involve risks, uncertainties and assumptions. They relate to events
and/or depend on circumstances in the future which could cause
actual results and outcomes to differ materially from those
currently anticipated. No obligation is assumed to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For the full announcement please click on this link
http://www.rns-pdf.londonstockexchange.com/rns/0809X_1-2015-8-25.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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