Leading support services company Carillion has reported reduced revenues with the publication this morning of its preliminary results for the year ended 31 December 2012.
Describing the results as a robust financial performance, Carillion said the revenue reduction was attributed primarily to the planned rescaling of UK construction. However, underlying profit from operations increased, reflecting an improvement in total operating margin.
Carillion’s net borrowing has increased from £50.7 million in 2011to £155.8 million – due to an expected outflow of working capital, primarily due to the rescaling of UK construction, and the acquisition of the Bouchier Group in Canada.
The Group said it has a strong order book and record pipeline of contract opportunities, with £5.2 billion of new and probable orders in 2012 and a total forward order book plus probable orders of £18.1 billion (2011: £19.1 billion).
Carillion has 75% revenue visibility for 2013 - at the same time in 2011 it had 77% for 2012. Its pipeline of contract opportunities is currently worth some £35.2 billion , compared to £33.1 billion at this point in 2011.
With annual revenues of around £5 billion, Carillion employs around 45,000 people and operates across the UK, the Middle East and Canada.
The Group operates across four business segments:
- Support services - this includes facilities management, facilities services, energy services, rail services, road maintenance, utility services and consultancy businesses.
- Public Private Partnership (PPP) projects - this includes investing activities in PPP projects in its chosen sectors of defence, health, education, transport, secure, energy services and other Government accommodation.
- 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.
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