Carillion : Half-year financial report for the six months ended 30 June 2016

Performance in line with expectations led by strong growth in support services

· First-half financial performance in line with expectations

- Strong organic revenue growth

- Performance led by revenue and margin growth in support services, which accounted for some 60 per cent of total underlying operating profit

- Average net borrowing similar to the 2015 full-year average of £538.9 million and in line with expectations

- Balance sheet remains robust with over £1.4 billion of committed funding available to the Group

· Strong work winning, order book and pipeline of contract opportunities

- £2.5 billion(2) of new first-half orders plus probable orders (2015: £1.0 billion)

- Revenue visibility(3) for 2016 of 98% at 30 June 2016 (2015: 96%)

- Total orders plus probable orders of £17.4 billion at 30 June 2016 (31 December 2015: £17.4 billion)

- Pipeline of contract opportunities worth £41.5 billion (31 December 2015: £41.4 billion)

· Interim dividend increased by 2% to 5.8p (2015: 5.7p)

· On track to make further progress in 2016 with no changes to our full-year expectations

'I am pleased to report that the Group's first-half results are in line with our expectations, led by a strong performance in our support services business, which accounted for nearly two thirds of the Group's underlying operating profit. New order intake in the first half of the year has been strong and continues to reflect the success of our strategy and strength of our business model. Overall, we remain on track to make further progress in 2016.'

(1) The underlying results stated above are based on the definitions included in the key financial figures on page 3.
(2) Net of £0.2 billion of orders removed as a result of selling Public Private Partnership equity investments.
(3) Based on expected revenue and secure and probable orders, which exclude variable work, frameworks and re-bids.