Carillion’s revenues for the year to 31st December 2014 were £4.1bn, just as they were for 2013. Underlying operating profit was up just 1% to £216.9m (2013: £214.3m), maintaining a healthy 5.6% underlying operating margin.
Pre-tax profit was up 29% to £142.6m (2013: £110.6m).
Chairman Philip Green said: "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.”
He added: “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."
Revenue from support services was up 1% to £2,323.9m (2013: £2,300.9m), making an underlying operating profit of £135.9m (2013: £118.0m).
Construction services (excluding Middle East) generated revenue of £1,084.8m, up 2% from 2013’s revenue of £1,059.6m. Underlying operating profit here was down 7% to £41.5m (2013: £44.4m).
£3.0bn of the total revenues, or 73% were generated in the UK, with £500m coming from Canada and £600m form the Middle East.
|
CARILLION |
2014 |
2013 |
Change |
|
Revenue |
£4.1bn |
£4.1bn |
- |
|
Underlying profit from operations |
£216.9m |
£214.3m |
+1% |
|
Underlying operating margin |
5.6% |
5.6% |
- |
|
Underlying profit before taxation |
£172.9m |
£174.7m |
-1% |
|
Underlying earnings per shar |
33.7p |
34.7p |
-3% |
|
Profit before taxation |
£142.6m |
£110.6m |
+29% |
|
Basic earnings per share |
28.0p |
23.3p |
+20% |
|
Proposed full-year dividend per share |
17.75p |
17.50p |
+1% |
|
Net borrowing |
£177.3m |
£215.2m |
+18% |
|
Underlying profit from operations cash conversion |
119% |
75% |
n/a |
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