Carillion plc provided earnings guidance for the six months of 2015. For the period, the Group has continued to perform in line with expectations, which reflects the actions took throughout the economic downturn to position the Group in markets where the company now achieve revenue growth, consistent with targets for margins and cash flow. Total first-half revenue has increased significantly and the Group remains on track to deliver healthy full-year revenue growth, while still maintaining margin discipline by being very selective in choosing the contracts for which bid, supported by ongoing focus on cost management.

Investments in Public Private Partnership projects also continue to perform in line with expectations. First-half operating cash flow is expected to remain strong with cash-backed profit. As previously indicated, non-operating cash flow items in the first half are expected to increase, notably in respect of acquisitions, PPP investments and pensions.

This, together with the effect of paying the 2014 final dividend in June 2015, is expected to result in a modest increase in net borrowing at the half year to around £200 million (December 31, 2014: £177.3 million). As expected, the pace of new order intake slowed in the first half of 2015, due to the effect of the UK General Election on public sector contract awards. However, exceptionally strong work winning performance in 2014 meant that the Group entered 2015 with secured and probable orders worth £18.6 billion, record revenue visibility of 85% and therefore well-positioned to manage the effect of the UK General Election.

At the half year, the company expects revenue visibility for 2015 to have increased to around 96% and the value of the Group's secured and probable orders to have remained strong at approximately £17 billion, with decisions pending on a number of significant UK public sector contract awards. In addition, the Group continues to have a substantial pipeline of specific contract opportunities, which at the half year is expected to have increased to over £40 billion (December 31, 2014: £39.2 billion).