uk contractor carillion warns on fullyear results makes further
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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UK contractor Carillion warns on full-year results, makes further

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Arab Today, arab today UK contractor Carillion warns on full-year results, makes further

UK contractor Carillion warns on full-year results, makes further
BENGALURU - Arab Today

British construction and support services group Carillion said on Friday it expects full-year results to be lower than market forecasts, as it booked a further provision relating to services contracts.
“This is a disappointing set of results which reflects the issues we flagged in July and the additional 200 million pound provision for our Support Services business that we have announced today. We now expect results for the full year to be lower than current market expectations,” Keith Cochrane, Interim Chief Executive, said in a statement
Carillion, whose shares have lost two-thirds of their value since it announced a writedown in mid-July, said it was in talks to sell its Canadian and UK health care businesses and intended to raise £300 million (SR1.5 billion) from disposals, up from a previous target of £125 million.
The company said its board is considering other options, including raising equity to repair and strengthen its balance sheet.BENGALURU: Carillion is exploring options including a share issue to shore up the balance sheet, the British construction and support services group said on Friday, as it warned that full-year results would be lower than market expectations.
The company, whose shares have lost two-thirds of their value since it announced a writedown on July 10, booked a further 200 million pound provision relating to services contracts, following a review of its entire business.
“While self-help measures will lead to a material reduction in our average net debt, these along will not be enough to achieve our target,” the group said in a statement.
“The board is therefore considering other available options, including raising equity to repair and strengthen the balance sheet in due course,” it added.
Carillion booked an £845 million (SR4.25 billion)writedown on problematic construction contracts in July, prompting the departure of is chief executive.
Analysts have said they expect Carillion to have to raise new funds to shore up its balance sheet, although uncertainty over its contracts, its debt position and its pensions obligations have raised questions over the value of the company.
“We believe that the business could have an enterprise value of 1.6 billion pounds,” Liberum analysts wrote in a client note.
Shares in Carillion rose this week after a newspaper reported that a Middle Eastern buyer was considering a bid.
Carillion said on Friday that its 2017 revenue was expected to be between £4.6 billion and £4.8 billion, down from a previous expectation of £4.8 billion to £5 billion.
Full-year average net debt was expected to be between £825 million and £850 million, it said, as it announced measures to boost its balance sheet including raising £300 million from asset disposals and an £80 million reduction in its pension deficit.
Carillion said on September 11. that its chief financial officer Zafar Khan was leaving and would be replaced by Emma Mercer, the finance head of its UK construction business.

 

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