Carillion expects return to growth in 2014

Carillion says it expects to return to increasing revenue by the end of this financial year, including in its UK construction business, although in the meantime revenue will continued to be subdued because of ongoing restructuring.

In an interim management statement delivered ahead of its AGM today, chairman Philp Rogerson said the company expects to deliver “cash-backed profit” for the full year, but in the meantime revenues have been hit by the restructuring while net borrowing has had to increase to meet dividend payments due in June.

It is also not planning to sell as many of the investments in public private partnerships this year as it did last year, when the proceeds from this considerably improved its balance sheet.

He said key contracts the company has won this year include contracts for Royal Bank of Scotland, Arqiva and Canadian Natural Resources.

He said: “Being very selective in terms of the contracts for which we bid remains central to our strategy for supporting margins, which continue to be in line with our expectations.”

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