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Carillion reports revenue and profit rise

BUSINESS APP BLUE

Construction firm Carillion has announced a 13% hike in revenue for 2015.

The contractor revealed this morning that revenue was £4.6bn for the year ended 31 December 2015, compared to £4.1bn for the same period in 2014.

Underlying pretax profit for 2015 was £177M, a 2% increase from £172M the previous year. The company also reported pretax profit for 2015 was £155M, up 9% from £143M for 2014.

Net borrowing reduced to £170M for 2015 in comparison to £177M in 2014.

The company has reported new and probable orders worth £3.7bn. This is a dip from £5.1bn in 2014. However, the company said this reflects the extended impact in the first half of 2015 of the UK General Election, with £2.7bn secured in the second half of the year.

Carillion chairman Philip Green commented: “Our performance in 2015 reflects the benefits of our consistent and successful strategy, which enabled us to rescale and reposition our business during the economic downturn in order to take advantage of opportunities for growth as market conditions improve.

“Growth in revenue, underlying profit before taxation and earnings per share was primarily organic, following the successful mobilisation of a number of major new contracts, supplemented by two bolt-on acquisitions, the Rokstad Corporation and the Outland Group, which have significantly enhanced our support services business in Canada.

“With a strong, high-quality order book, a large and growing pipeline of contract opportunities and the financial strength to support our strategy for growth, the group is well positioned to make further progress in 2016.”

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