Trading in Line with Expectations
At its Annual General Meeting (AGM) today Carillion will report that the Group's 2016 performance remains on course following expected improvements in revenue and margin within its support services business.
TRADING IN LINE WITH EXPECTATIONS
At its Annual General Meeting today, Carillion will make the following comments on the Group's 2016 performance.
"Overall trading in the year to date has remained in line with our expectations. In particular, we continue to expect our performance in 2016 to be led by improved revenue and margin in our support services business, following the successful mobilisation of a number of new contracts in 2015 after our exceptionally strong work winning performance in 2014.
"New orders secured in 2016 have increased revenue visibility(1) for the current year to 94 per cent, up from 84 per cent at 31 December 2015.
"Therefore, with our strong, high-quality order book and substantial pipeline of contract opportunities, we continue to expect the Group to make further progress in 2016. We also continue to expect profit in 2016 to revert to a greater second-half weighting, with our targets for revenue, margins and cash flow unchanged and in line with the guidance we gave when we announced our full-year results for 2015".
(1) Based on expected revenue and secure and probable orders, which exclude variable work, frameworks and re-bids.
For further information contact
Richard Adam, Group Finance Director tel: +44 (0) 1902 422431
John Denning, Group Corporate Affairs Director tel: +44 (0) 1902 906333
James Murgatroyd or Gordon Simpson tel: +44(0) 20 7251 3801