Contractor Carillion has announced a 26% rise in pre-tax profit from £142.8M in 2011 to £179.5M in 2012 in its annual results released today.
Revenues decreased over the same period dropping 13% from £5.1bn to £4.4bn. The firm said the drop was due to its rescaling of its UK construction business.
“Looking forward we expect market conditions to remain challenging in 2013,” Carillion chairman Phillip Rogerson.
“However, with a resilient business model, a strong order book and a substantial pipeline of contract opportunities, the Group remains well positioned to achieve its targets of delivering annual growth in support services and of doubling annual revenues in the Middle East and in Canada, in each case to around £1bn, in the five-year period from 2010 to 2015.”
Carillion had £5.2bn of new and probable orders in 2012, bringing its total possible pipeline to £18.1bn.