2nd Oct 2014 06:32
LONDON (Alliance News) - Infrastructure company Carillion PLC Thursday said trading remains in line with its own expectations and the guidance it gave when it put out its interim results in August.
In a statement, the company, which recently failed to tempt peer Balfour Beatty PLC into a merger, said it is focused on mobilising the new contracts it won in the first half of the year, particularly the support services deals. It won about GBP3.2 billion of new orders and probable orders in the first half of the year.
"Importantly, in winning new work we have maintained our highly selective approach to the contracts for which we bid and therefore the group continues to target revenue growth in 2014 at an operating margin in line with expectations," it said.
Carillion added that its balance sheet remains robust, cash flow strong, and its debt is falling in line with its expectations.
"Our cash flow performance continues to follow the profile we have consistently forecast, namely that following the completion of the planned rescaling of our UK construction activities the group would return to positive net cash generation, as evidenced by our first-half results," it said.
The company will put out its next trading update on December 10.
By Steve McGrath; [email protected]; @stevemcgrath1
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