Robust financial performance
- Revenue reduced as previously guided, primarily due to the planned rescaling of UK construction
- Underlying profit from operations increased, reflecting an improvement in total operating margin
- Reported profit before taxation and basic earnings per share both increased substantially, due to minimal non-recurring and non-operating items
- Underlying profit before taxation and underlying earnings per share reduced slightly, due to a higher net financial expense, including an increase in the non-cash interest charge relating to pensions
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Strong balance sheet - Net borrowing of £155.8 million (2011: £50.7 million) reflects the expected outflow of working capital, primarily due to the rescaling of UK construction, and the acquisition of the Bouchier Group in Canada - Over £1 billion of committed borrowing facilities and private placement funding |
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Strong order book and record pipeline of contract opportunities - £5.2 billion of new and probable orders in 2012 - Total order book plus probable orders of £18.1 billion (2011: £19.1 billion), with the reduction on 2011 due primarily to the sale of equity investments in Public Private Partnership (PPP) projects and the rescaling of UK construction - 75% revenue visibility for 2013 (2011: 77% for 2012) - Pipeline of contract opportunities worth some £35.2 billion (2011: £33.1 billion) |
Proposed full year dividend increased by 2% to 17.25p (2011: 16.9p)
Carillion Chairman, Philip Rogerson, commented:"Carillion has continued to deliver a robust performance, with underlying earnings per share slightly ahead of the market consensus forecast. Having rescaled our UK construction activities, we have also further improved the risk profile and the overall quality of our business. Looking forward, we expect market conditions to remain challenging in 2013. However, with a resilient business model, a strong order book and a substantial pipeline of contract opportunities, the Group remains well positioned to achieve its targets of delivering annual growth in support services and of doubling annual revenues in the Middle East and in Canada, in each case to around £1 billion, in the five-year period from 2010 to 2015."
