Carillion’s 2012 revenues drop
By Helen Wright28 February 2013
Carillion reported a decline in revenues but an increase in underlying operating profit for 2012 – a “robust performance” amid an uncertain economic environment.
The contractor said revenue reached £4.4 billion (€5.1 billion) for the 12 months to 31 December, 2012, down 13% year-on-year. The drop was attributed to its strategy of reducing its UK operations to ensure that the size of this business remains aligned with the shrinking UK construction market.
Underlying operating profit grew 2% compared to 2011 to £232 million (€268 million).
At the end of last year, Carillion acquired a 49% stake in Canadian support services contractor Bouchier Group for £24 million (€28 million), including options to increase this stake to 100% over the next six to ten years.
Carillion’s total order book plus probable orders stood at £18 billion (€16 billion) at the end of the year, compared to £19 billion (€16 billion) at the same point in 2011. It said the reduction was down to the sale of equity investments in public-private partnership projects, and the rescaling of its UK construction operations.