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Carillion order book plummets

Carillion’s order book has fallen by more than £2bn in 12 months, it revealed today.

The Wolverhampton-based contractor said it had £1bn of definite and probable orders on 30 June 2015 – down from £3.2bn a year earlier.

It blamed this sharp fall on the pause in public sector work caused by May’s general election.

Carillion’s pre-tax profit remained at £67.5M in the first six months of this year – the same figure as the corresponding period a year earlier.

However it worked harder for this profit, with revenue up by a fifth to £2.3bn.

Carillion chairman Philip Green said the contractor was performing in line with expectations.

“[This] reflects the actions we took during the economic downturn to position our businesses in markets where we can now achieve revenue growth, consistent with our targets for margins and cash flow,” he said.

“We have also made good progress with mobilising a number of major new contracts won in 2014. Therefore, with a strong order book, a growing pipeline of contract opportunities and the prospect of market conditions continuing to improve, our expectations for 2015 and the medium term remain unchanged.”

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