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Carillion profits up 92%

Carillion has posted strong results, with turnover up 13% and pre-tax profits up 92%, partly from savings made in the acquisition of contractor Alfred McAlpine,

Turnover grew from £2.7bn in the first six months of 2009, compared to £2.4bn in the same period last year - a 13% rise.

Pre-tax profit grew strongly, up 92% from £27M last year to £51.9M over the same period this year.

The acquisition of Alfred McAlpine made cost savings of £35M in over this period, up substantially from £15M in the same period last year. This is expected to grow to £50M per year by 2010.

Carillion chair Philip Rogerson said: “Carillion continued to perform strongly in the first half of 2009. A high quality order book, a resilient business mix, strong positions in our chosen market sectors and a robust balance sheet continue to underpin our expectation that, despite challenging market conditions, Carillion will deliver materially enhanced earnings in 2009.”

The company’s Middle East business was growing strongly, from £464M in 2008 to around £600M by the end of 2009 following successful expansion in Abu Dhabi.

Other sectors perfomed ‘satisfactorily’, but the company’s order book shrank slightly, from £20.4bn in 2008 to £19.7bn this year. Probably orders also fell, from £3.1bn last year to £2.9bn this year.

Shares in Carillion were unchanged at 308p.

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