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Carillion profits jump by a quarter

Carillion

Carillion has released its half year results with profits before tax up 24% to £83.9M.

The results also revealed it expects to pay £10.5M in compensation and legal costs in the case involving the ‘blacklisting’ of construction workers.

The firm said 60% of its total underlying operating profit came from revenue and margin growth in support services. Overall revenue was up 10% to just over £2.48bn for the six months to the end of June 2016, compared to the same time last year. In addition the firm said it had £2.5bn of new first-half orders and probable orders.

Carillion chairman Philip Green said: “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.”

The results showed a non-recurring item of £10.5M for Construction Workers Compensation Scheme.

Carillion said the scheme represents its share of the compensation and associated costs that it expects to pay to workers who have been impacted by the use of the database vetting system operated by The Consulting Association.

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