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Carillion lines up £210m of Middle East work

27 Feb 13 Carillion has started 2013 with new orders and probable orders that are expected to be worth some £650m.

The deals include £210m of probable orders in the Middle East for projects in Oman, Abu Dhabi and Saudi Arabia.

In support services, its won orders and probable orders worth some £280m.  This includes facilities management contracts in the UK and Canada, a further highways maintenance contract in Canada and energy company obligation (ECO) contracts in the UK. These ECO contracts are initially worth some £75m, but have significant potential for growth.

In construction services, excluding the Middle East, it has secured new and probable orders worth approximately £160m for long-term public and private sector customers.

“Although markets remain challenging, we have made a good start to the year in terms of new orders and probable orders and I am particularly pleased with our progress in the Middle East and in the ECO market,” said Carillion chief executive Richard Howson. “We have also remained selective in terms of the contracts for which we bid in order to support margins, by focusing on contracts where we can use the breadth of our skills and the scale of our resources to differentiate our offering.

“The secondary market for PPP equity remains strong and continues to support our policy of selling investments in mature projects and reinvesting the proceeds in new projects."

Carillion has sold its investment in the Permanent Joint Headquarters, Northwood project. This sale generated cash proceeds of £29.4m.

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MPU
MPU

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