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Carillion on track to hit full year targets after 'robust' H1

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Construction group Carillion (LON:CLLN) reaffirmed its full year targets following what it called a robust performance in the first half despite a challenging economic backdrop.

Underlying pre-tax profits rose one percent to £73.1 million despite a 12 percent drop in revenues to £2.15 billion due to the continued re-scaling of UK construction and the timing of project awards in the Middle East.

Reported pre-tax profits and earnings per share jumped 68 percent to £64.1 million and 13.4 pence respectively, largely due to the sale of equity investments in public private partnership projects.

The increase in profits prompted the company to hike its interim dividend by two percent to 5.4 pence per share.

Carillion delivered a robust first-half performance, in line with the board's expectations, despite market conditions remaining challenging,” said chairman of Carillion Philip Rogerson.

“Given the strength of our business model, order book and pipeline of contract opportunities, we remain on track to deliver full-year results in line with expectations.”

The group also said that it is confident of meeting its medium term targets, which are to achieve growth at its support services business and doubled its annual revenues in the Middle East and in Canada in the five-year period to 2015, in each case to around £1 billion.

Quick facts: Carillion

Price: 14.2 GBX

LSE:CLLN
Market: LSE
Market Cap: -
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