Contractor Carillion has reported half-year pre-tax profits down 35% on last year’s figures, which it attributes to the acquisition and integration of Carillion Energy Services, while it maintains that underlying pre-tax profit has jumped 10%.
Pre-tax profit fell 35% to £38.2M from £58.8M in 2010 while revenue for the six months to 30 June 2011 was down 2% to £2.45bn from £2.51bn in 2010.
Underlying pre-tax profit was up 10% to £72.5M.
The company said that despite the tough UK market, it had managed to maintain revenue from UK government projects at £1.1bn and that the pipeline of contract opportunities was up 25% to £32bn.
Chairman Philip Rogerson said: “I am pleased to report that Carillion performed strongly in the first half of 2011, despite market conditions remaining challenging, particularly in the UK… With strong market positions and a record pipeline of contract opportunities, the group continues to target strong international growth and substantial growth in UK support services over the medium term.”