Carillion’s collapse as told by Building
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”
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
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
Accountant EY appointed to carry out strategic review. On the same day, Carillion joint venture awarded £1.3bn worth of work on HS2
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
Says £845m provision has now gone up £200m because of support services contracts
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
Says year end net debt will be between £875m and £925m and admits it will breach its 2017 financial covenants
Says it has sold UK FM healthcare business to Serco for £47.7m as part of a £300m non-core disposals target
Says it expects to have recapitalisation plan in place by the end of the first quarter of 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”
Meets lenders to discuss rescue package
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
Goes into compulsory liquidation
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