Carillion Flat on Mixed Results
LONDON -- Carillion (ISE: CLLN.L) , the integrated support-services company, remained relatively flat this morning (currently up just 0.5%) on mixed results. There were significant increases in pre-tax profit, up 68% to 64.1 million pounds, and basic earnings per share, up 70%, to 13.4 pence. However, revenue was down 12%, at 2.17 billion pounds. The fall is being attributed to the continued rescaling of U.K. construction and the timing of project awards in the Middle East.
Chairman Philip Rogerson commented:
Carillion delivered a robust first-half performance, in line with the Board's expectations, despite market conditions remaining challenging. 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 and to achieve our medium-term targets, namely to deliver growth in support services and to double our annual revenues in the Middle East and in Canada in the five-year period to 2015, in each case to around 1 billion pounds.
Despite gains in recent weeks, Carillon remains 15% down for the year and 33% down from its 2011 high. Long-term shareholders will have to console themselves with the impressive yield, which currently stands at 6.3%, based on last year's dividends -- something that might promise an attractive opportunity for income-seeking investors.
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