Carillion PLC
01 July 2004
Carillion plc trading update
Business and construction services company, Carillion plc, is providing this
update on trading in the six months ended 30 June 2004, in advance of its
interim results announcement on 8 September 2004.
The positive start to the year that the Group reported in its AGM statement on
12 May 2004 has continued with trading in line with expectations.
The transfer of rail maintenance activities to Network Rail is progressing
smoothly and remains on course for completion on 24 July 2004, in accordance
with the agreement reached with Network Rail announced on 1 June 2004.
The Group has also made further strategic progress in the first half of the
year. The sale of Crown House was completed in May and further PPP equity sales
were announced on 28 June 2004. The latter generated proceeds that were in line
with the Director's valuation of the Group's PPP equity portfolio of around £100
million, published with its preliminary results in March 2004. The Board is
continuing its policy of returning a third of the profits from its PPP equity
sales to shareholders. In this case, it will pay an additional dividend of one
penny per share with Carillion's 2004 interim dividend.
The Group's cash position remains strong and is expected to strengthen further
in the second half.
The order book also remains strong and continues to benefit from a large
pipeline of probable orders and positive market conditions.
The Group therefore remains confident that its full-year performance will meet
the market's consensus forecast.
Chief Executive John McDonough, Finance Director Chris Girling and Director
Group Corporate Affairs John Denning, will host a telephone conference call on
this statement at 0900 today, which you are invited to dial into on: 0208 515
2339.
For further information contact
John Denning, Director Group Corporate Affairs 01902 316426
This information is provided by RNS
The company news service from the London Stock Exchange
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