CARILLION PLC Trading remains in line with the Board's expectations and the guidance we gave when we announced the Group's half-year results on 13 August 2014.
2nd October 2014
Following our strong work winning performance in the first half of the year, during which we won new orders and probable orders worth approximately £3.2 billion, the successful mobilisation of new contracts, particularly in support services, will continue to be a major focus for the Group during the balance of 2014 and in the first half of 2015. Importantly, in winning new work we have maintained our highly selective approach to the contracts for which we bid and therefore the Group continues to target revenue growth in 2014 at an operating margin in line with expectations.
The Group also continues to have a robust balance sheet with strong cash flow and net borrowing reducing in line with expectations. Our cash flow performance continues to follow the profile we have consistently forecast, namely that following the completion of the planned rescaling of our UK construction activities the Group would return to positive net cash generation, as evidenced by our first-half results.
With trading in line with expectations, a strong order book and a substantial pipeline of contract opportunities, the Board's expectations for 2014 and the Group's prospects for growth over the medium term, remain unchanged.
Pre-close trading update
Carillion will issue a pre-close update on trading for 2014 on 10 December 2014, in advance of its preliminary full-year results announcement on 4 March 2015.
About Carillion
Carillion is a leading integrated support services company with a substantial portfolio of Public Private Partnership projects and extensive construction capabilities.
The Group had annual revenue in 2013 of some £4.1 billion, employs around 40,000 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, utility services, road maintenance, rail services and consultancy services.
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.
Middle East construction services - this includes our 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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