TIDMCLLN
RNS Number : 4606G
Carillion PLC
04 March 2015
Annual results for the year ended 31 December 2014
Earnings in line with expectations
2014 2013 Change
--------------------------------------- ---------- ---------- -------
Revenue GBP4.1bn GBP4.1bn -
--------------------------------------- ---------- ---------- -------
Underlying profit from operations(1) GBP216.9m GBP214.3m +1%
--------------------------------------- ---------- ---------- -------
Underlying operating margin(1) 5.6% 5.6% -
--------------------------------------- ---------- ---------- -------
Underlying profit before taxation(1) GBP172.9m GBP174.7m -1%
--------------------------------------- ---------- ---------- -------
Underlying earnings per share(1) 33.7p 34.7p -3%
--------------------------------------- ---------- ---------- -------
Profit before taxation GBP142.6m GBP110.6m +29%
--------------------------------------- ---------- ---------- -------
Basic earnings per share 28.0p 23.3p +20%
--------------------------------------- ---------- ---------- -------
Proposed full-year dividend per share 17.75p 17.50p +1%
--------------------------------------- ---------- ---------- -------
Net borrowing GBP177.3m GBP215.2m +18%
--------------------------------------- ---------- ---------- -------
Underlying profit from operations
cash conversion(1) 119% 75% n/a
--------------------------------------- ---------- ---------- -------
-- Financial performance reflects selective approach to choosing contracts in challenging markets
- Revenue similar to that in 2013, notwithstanding foreign exchange headwinds
- Underlying profit from operations(1) increased slightly after
improved margin performances in support services and Middle East
construction services, with overall Group margin maintained at
5.6%
- Underlying profit before taxation(1) and underlying earnings
per share(1) marginally reduced, reflecting the planned reduction
in the sale of equity investments in Public Private Partnership
projects
- Reported profit before taxation and basic earnings per share
both increased substantially, due to lower non-recurring operating
items
-- Net borrowing reduced in line with expectations
- Net borrowing reduced to GBP177.3 million (2013: GBP215.2
million), despite investing GBP38.5 million in business
acquisitions
- Strong cash performance with underlying cash flow from
operations(1) representing 119% of underlying profit from
operations(1) (2013: 75%)
- GBP1.3 billion of committed funding and a strong balance sheet
to support strategy for growth over the medium term
-- Strong work-winning performance
- GBP5.1 billion of new orders and probable orders in the year (2013: GBP4.9 billion)
- High-quality order book plus probable orders totalling GBP18.6
billion (2013: GBP18.0 billion)
- Record revenue visibility(2) of 85% for 2015 (2013: 81% for 2014)
- Framework contracts worth up to GBP2.0 billion, which are not
included in the order book or probable orders
- Pipeline of contract opportunities increased to GBP39.2 billion (2013: GBP37.5 billion)
-- Proposed full-year dividend increased by 1% to 17.75p (2013: 17.50p)
(1) The underlying results stated above are based on the definitions
included in the key financial figures on page 3.
(2) Based on expected revenue and secure and probable orders, which
exclude variable work, frameworks and re-bids.
Carillion Chairman, Philip Green, commented
"In 2014, our markets remained challenging and we continued to
be very selective in choosing the contracts for which we bid in
order to maintain margin discipline, which continues to be a key
element of our strategy. Looking forward, we expect the steady
improvement in our markets that began in 2014 to continue in 2015,
subject to a sustained macro-economic recovery. We have also
continued to strengthen the Group's position in growth markets,
notably in support services through a further bolt-on acquisition
in Canada. Therefore, with strong cash flow, a high-quality order
book, record revenue visibility and a growing pipeline of contract
opportunities, we continue to believe the Group is well-positioned
to make progress over the medium term."
There will be a presentation for analysts and investors today at
9.00am. A telephone dial in facility +44 (0)1296 480 100 - Access
Code: 284405# will be available for analysts and investors who are
unable to attend the presentation. The presentation can be viewed
on Carillion's website at
www.carillionplc.com/investors/investors_presentations.asp. A
replay facility is also available following the call on +44 (0)207
136 9233 - Access Code: 61737143.
For further information contact:
Richard Adam, Group Finance Director tel: +44 (0) 1902 422431
John Denning, Group Corporate Affairs tel: +44 (0) 1902 422431
Director tel: +44 (0) 20 7251 3801
Finsbury - James Murgatroyd and
Gordon Simpson
4 March 2015
Notes to Editors:
Carillion is a leading integrated support services company with
a substantial portfolio of Public Private Partnership projects and
extensive construction capabilities. The Group had annual revenue
in 2014 of some GBP4.1 billion, employs around 42,000 people and
operates across the UK, in the Middle East and Canada.
The Group has four business segments:
Support services - this includes facilities management,
facilities services, energy services, utility services, road
maintenance, rail services and consultancy businesses in the UK,
Canada and the Middle East.
Public Private Partnership (PPP) projects - this includes
investing activities in PPP projects for Government buildings and
infrastructure, mainly in the Defence, Health, Education, Transport
and Secure accommodation sectors.
Middle East construction services - this includes building and
civil engineering activities in the Middle East.
Construction services(excluding the Middle East) - this includes
building, civil engineering and developments activities in the UK
and construction activities in Canada.
This and other Carillion news releases can be found at
www.carillionplc.com
Cautionary statement
This announcement may contain indications of likely future
developments and other forward-looking statements that are subject
to risk factors associated with, among other things, the economic
and business circumstances occurring from time to time in the
countries, sectors and business segments in which the Group
operates. These and other factors could adversely affect the
Group's results, strategy and prospects. Forward-looking statements
involve risks, uncertainties and assumptions. They relate to events
and/or depend on circumstances in the future which could cause
actual results and outcomes to differ materially from those
currently anticipated. No obligation is assumed to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Click on, or paste the following link into your web browser, to
view the associated PDF of the Preliminary Results
Announcement:
http://www.rns-pdf.londonstockexchange.com/rns/4606G_-2015-3-3.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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