Carillion PLC Carillion appoints EY to support strategic review (1844L)
July 17 2017 - 2:00AM
UK Regulatory
TIDMCLLN
RNS Number : 1844L
Carillion PLC
17 July 2017
17 July 2017
Carillion appoints EY to support its strategic review
Carillion, the integrated support services group, announces that
it has appointed the professional services firm, EY, with immediate
effect to support its strategic review with a particular focus upon
cost reduction and cash collection.
As announced on 10 July, the Carillion Board is undertaking a
comprehensive review of the Group's business and capital structure,
alongside taking immediate action to generate significant cashflow
in the short term and achieve a reduction in average net
borrowing.
The Board has identified a number of actions to reduce average
net borrowing including further cost efficiencies, an increased
focus on managing working capital and on recoveries and cash
collection.
Keith Cochrane, Interim Chief Executive, said: "We are moving
forward quickly with the actions outlined last week. Alongside our
own efforts, EY will provide support across the business and bring
an external perspective to our cost reduction and cash collection
challenge. My priorities are to reduce the Group's net debt and
create a balance sheet that will support Carillion going
forward.
"We need to simplify the business and demonstrate that value can
again be created for shareholders by focusing the Group on its core
markets, including infrastructure and property services, in which
it has good strengths and leading positions"
Notes to Editors
Carillion is a market leading support services group focused on
infrastructure and property services with a portfolio of Public
Private Partnership projects, selective construction capabilities
and a sector leading ability to deliver sustainable solutions. The
Group had annual revenue in 2016 of some GBP5.2 billion, employs
around 43,000 people and operates across the UK, in the Middle East
and Canada.
This and other Carillion news releases can be found at
www.carillionplc.com.
For more information
John Denning, Director Group Corporate Affairs, Carillion plc
+44 (0) 1902 906333
Kellie McAvoy, Head of Investor Relations +44 (0) 1902
906333
Bell Pottinger
Liz Morley +44 (0) 7990 003314
This information is provided by RNS
The company news service from the London Stock Exchange
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