Home Highlight Carillion upbeat on 2016 profit

Carillion upbeat on 2016 profit

by Jonathan Adams

Support services and construction group Carillion PLC (CLLN.LN) Wednesday reported trading in line with expectations and said it expects strong revenue in support services to more than offset reduced contributions from public-private partnership, or PPP, projects.

Carillion said it expects total operating profit in 2016 to increase due to strong revenue growth at a slightly lower operating margin.

Revenue growth and a strong margin in support services is expected to contribute around two thirds of total group operating profit versus 57% in 2015, and continues to drive group performance.

Carillion expects the increase to more than offset expected reductions in the contributions to underlying operating profit from the sale of equity in PPP projects and from Middle East construction services.

Carillion also said its Carillion Canada subsidiary has become preferred bidder for a power transmission contract worth about 120 million pounds ($151.9 million).

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