Integrated support services group Carillion has seen both its revenues and profits fall as a consequence of its decision to rescale its UK construction activities and focus on its support services division, which includes utility services.
Publishing its annual results for the year ended 31 December 2013, Carillion saw its group revenues fall 7% to £4.1 bn (2012:£4.4bn)
The firm said that financial performance in line with expectations and that as expected, revenue was lower - primarily due to the rescaling of UK construction. Carillion has maintained its underlying operating margin at 5.6%.
However, the Group saw £4.9 billion of additional orders and probable orders in the year – Carillion’s order book plus probable orders now stands at £18.0 billion (2012: £18.1 billion), with a pipeline of contract opportunities worth some £37.5 billion (2012: £35.2 billion)
The firm, which said it had also secured substantial framework contracts in 2013 whose value is not included in the order book, has 81% revenue visibility(3) for 2014 (2012: 75% for 2013).
Carillion Chairman, Philip Rogerson, commented:
"In 2013, Carillion has continued to respond decisively to challenging market conditions, including completing the rescaling of its UK construction activities and the restructuring of its energy services business, which are now aligned in size to their respective markets, while continuing to develop and strengthen its positions in new and existing markets that offer good opportunities for growth.”
“Overall, we expect market conditions to remain challenging in 2014, but with a strong order book, good revenue visibility and substantial pipeline of contract opportunities the Group is now well positioned for the future."
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