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Wed September 26 2018

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Carillion investigated by financial regulator

3 Jan Carillion is being investigated by the Financial Conduct Authority over financial statements issued during the collapse in the company’s share price last year.

Carillion says that it is cooperating fully with the FCA investigation, which is focusing on ‘the timeliness and content of announcements made by Carillion between 7th December 2016 and 10th July 2017’.

Between December 2016 and mid July 2017 Carillion’s share price plummeted 76% from 256 pence to 55 pence on the back of profits warnings.

For the six months to 30th June 2017, Carillion made a pre-tax loss of £1,153m on revenue of £2.5bn. Chief executive Richard Howson lost his job.

Carillion’s share price reached a new low of 14.75 pence on 8th December 2017 before starting 2018 at 18 pence. The £5bn turnover company is now worth around £70m.

The best account of Carillion's annus horribilis can be read here [click link to open new window].

MPU

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