5th Jul 2007 07:00
Carillion PLC05 July 2007 Carillion plcTrading update 5 July 2007 Support services and construction company Carillion plc is providing this updateon trading in the first six months of 2007, ahead of its interim resultsannouncement on 5 September 2007. Having successfully integrated the Carillion and Mowlem businesses earlier thanwe expected, and with overall trading in our markets remaining positive, theGroup has continued to make progress towards our previously announced objectiveof delivering materially enhanced earnings in 2007. The Group also continues to generate substantial cost savings from theintegration of the Carillion and Mowlem businesses and we are confident ofachieving our objective of delivering savings at the increased running rate of£26 million per annum by the year end, announced in our 2006 preliminaryresults. 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 withnet debt at 30 June 2007 below £150 million. The Group remains on track toachieve its objective of reducing net debt to below £100 million by the yearend. The enlarged Group is benefiting from the enhanced positions we now have in awider range of growth markets and we expect the value of the Group's order bookto remain at its record level of around £16 billion. With a very strong order book and significant opportunities for sustainablelong-term growth in our UK and International market sectors, the Board expectsthe Group to make further progress in the second half and deliver materiallyenhanced 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 at9am today. The telephone number to join the conference call is 0208 515 2328. For further informationJohn Denning, Director Carillion Group Corporate Affairs 01902 316384 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Carillion Plc