Carillion PLC
05 July 2007
Carillion plc
Trading update 5 July 2007
Support services and construction company Carillion plc is providing this update
on trading in the first six months of 2007, ahead of its interim results
announcement on 5 September 2007.
Having successfully integrated the Carillion and Mowlem businesses earlier than
we expected, and with overall trading in our markets remaining positive, the
Group has continued to make progress towards our previously announced objective
of delivering materially enhanced earnings in 2007.
The Group also continues to generate substantial cost savings from the
integration of the Carillion and Mowlem businesses and we are confident of
achieving our objective of delivering savings at the increased running rate of
£26 million per annum by the year end, announced in our 2006 preliminary
results.
Net debt reflects the Group's continuing focus on strong cash management.
Average first-half net debt is expected to be in the region of £165 million with
net debt at 30 June 2007 below £150 million. The Group remains on track to
achieve its objective of reducing net debt to below £100 million by the year
end.
The enlarged Group is benefiting from the enhanced positions we now have in a
wider range of growth markets and we expect the value of the Group's order book
to remain at its record level of around £16 billion.
With a very strong order book and significant opportunities for sustainable
long-term growth in our UK and International market sectors, the Board expects
the Group to make further progress in the second half and deliver materially
enhanced earnings in 2007.
Carillion chief executive, John McDonough and finance director, Richard Adam,
will host a conference call on this announcement for analysts and investors at
9am today. The telephone number to join the conference call is 0208 515 2328.
For further information
John Denning, Director Carillion Group Corporate Affairs 01902 316384
This information is provided by RNS
The company news service from the London Stock Exchange
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