Carillion’s collapse as told by Building

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7 December 2016

Carillion says in a trading statement that its “performance [is] meeting expectations” and that it expects “strong growth in total revenue and increased operating profit”

1 March 2017

Again says “performance in line with expectations” as it announces hike in revenue to £5.2bn and 4% growth in underlying operating profit to £254m

10 July

Says review of business has resulted in a contract provision of £845m – of which £375m relates mainly to three UK projects. These are later identified as the £550 million Aberdeen Western Peripheral Route contract, the £335m Royal Liverpool Hospital and the £430m Midland Metropolitan Hospital. Chief executive Richard Howson departs and is replaced by interim Keith Cochrane

17 July

Accountant EY appointed to carry out strategic review. On the same day, Carillion joint venture awarded £1.3bn worth of work on HS2

Emma mercer carillion

11 September

Announces that group finance director Zafar Khan has left. Khan is replaced by chief financial officer Emma Mercer (pictured) while EY partner Lee Watson is named chief transformation officer

29 September

Says £845m provision has now gone up £200m because of support services contracts

Andrew davies

27 October

Announces Wates chief executive Andrew Davies (pictured) is to become its new chief executive when he joins on 2 April. His start date is later brought forward to 22 January

17 November

Says year end net debt will be between £875m and £925m and admits it will breach its 2017 financial covenants

13 December

Says it has sold UK FM healthcare business to Serco for £47.7m as part of a £300m non-core disposals target

22 December

Says it expects to have recapitalisation plan in place by the end of the first quarter of 2018.

3 January 2018

Announces Financial Conduct Authority has begun an investigation into “the timeliness and content of announcements made by Carillion between 7 December 2016 and 10 July 2017”

10 January

Meets lenders to discuss rescue package

12 January

Puts out statement after Stock Market’s close denying that its business plan has been rejected by stakeholders – which include the banks and pension funds

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15 January

Goes into compulsory liquidation