Carillion plc has today published a confident pre-close update on trading in the 12 months to 31 December 2009, ahead of announcing its preliminary results on 3 March 2010.
The Group have reported a strong operating performance despite challenging market conditions, with underlying earnings per share, expected to grow by at least 10%, attributed to the resilience of the Group’s business mix and the incremental benefit of the Alfred McAlpine integration costs savings, which are coming through as planned.
Carillion said a robust balance sheet with strong cash flow were expected to deliver cash-backed profit and positive net cash at the year-end. The Group’s high quality order book is expected to be worth around £17 billion at the year end - down from £19.7 billion at 30 June 2009. The reduction follows second-half sales of two further PPP equity investments and a non-core environmental consultancy business which had a combined order book value of over £2.6 billion. However, the Group is anticipating probable new orders worth over £2 billion.
Public Private Partnership (PPP) projects in particular are continuing to create significant value – two further investments were sold for £86.9 million in the second half of 2009.
Middle East construction services expected to deliver substantial revenue and profit growth, driven primarily by growth in Abu Dhabi together with a good performance in Oman.
The Group said that construction services in the UK had seen slightly reduced revenue, while support services continued to make the largest contribution to the Group’s underlying operating profit and remained an important driver of earnings growth.
Carillion said that the current economic climate continued to create significant opportunities for new contracts as both public and private sector organisations seek to reduce operating costs and increase efficiency through outsourcing non-core services. However, the pressure to reduce the cost of such services, particularly in private sector organisations, had created more competitive market conditions.
The Group said a resilient business mix, a substantial order book, a good pipeline of contract opportunities, good cash flow and a strong balance sheet, meant the Group continued to be well positioned and will make further progress in 2010. Nonetheless, market conditions are expected to remain challenging in 2010, given the current economic environment.
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