NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Carillion says on track as margins improve

Published 02/07/2014, 07:57
Updated 02/07/2014, 08:00
CLLN
-

(Reuters) - British support services and construction firm Carillion said it was on track to meet expectations for 2014, helped by improving margins in its support services and Middle East construction services businesses.

Carillion said on Wednesday that its first-half earnings, which it will publish in August, would be in line with forecasts and revenue growth would resume in 2014 after it fell by 7 percent last year as the company scaled back its energy services and British construction divisions.

Analysts expect Carillion to post pretax profit of 175 million pounds ($298 million) for 2014 according to Thomson Reuters data.

The company, which maintains British railways, roads and military bases, said new order intake remained strong and its pipeline of contract opportunities had grown by 500 million pounds since the end of December to 38 billion pounds at the half-year stage. Carillion, whose projects include London's Battersea Power Station, has won a string of contracts in the past two months, including a 1.7 billion pound deal to manage the British government's military housing estate.

It also said on Wednesday that it won preferred bidder status to expand and improve the main stand at Liverpool Football Club, a contract worth around 75 million pounds.

Shares in the 1.4 billion pound company closed at 333 pence on Tuesday.

(Reporting by Sarah Young, Editing by Paul Sandle)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.