Preliminary Results 2006
UK support services and construction company Carillion plc announces its preliminary results for the year ended 31 December 2006.
Highlights
- Revenue (including joint ventures) up 57% to £3,593m
- Profit before tax* up 48% to £82.1m
- Earnings per share up 15% to 23.5p
- Strong operating cash flow – net debt 31 December £108m
- Final dividend 5.9p per share – total 2006 dividend up 12.5% to 9p per share
- Mowlem integration substantially complete – cost savings of £15m p.a. delivered
- Order book more than doubled – up from £7bn to £16bn
Financial summary |
2006 |
2005 |
Revenue |
||
- including joint ventures |
£3,593m |
£2,284m |
- excluding joint ventures |
£3,065m |
£2,025m |
Profit before tax* |
£82.1m |
£55.5m |
Earnings per share |
23.5p |
20.4 p |
Profit before tax |
£67.6m |
£51.9m |
Basic earnings per share |
21.6p |
18.7p |
* Net of tax on profit from joint ventures (2006: £8.1m; 2005: £5.0m) and excluding restructuring costs, non-operating items and amortisation of intangible assets related to acquisitions (2006: £14.5m charge; 2005: £3.6m charge) | ||
Commenting, Chairman Philip Rogerson said, “I am pleased to report that Carillion made good progress in 2006 and either achieved or exceeded all our key financial and strategic objectives. In particular, the benefits of acquiring Mowlem plc in February 2006 have been greater than expected at the time of acquisition: integration cost savings have increased, new order intake has moved strongly ahead and the acquisition has been significantly earnings enhancing in 2006, rather than earnings neutral.
“With an order book of £16 billion and strong positions in a wider range of growth markets, we have created a more resilient business, capable of accelerating our strategy for growth. This positive outlook for the Group confirms the Board’s view that Carillion is firmly on track to deliver materially enhanced earnings in 2007.
“In view of the Group’s performance in 2006 and prospects for 2007, the Board is recommending a final ordinary dividend for 2006 of 5.9 pence per share, making the total full-year dividend 9 pence per share, an increase of 12.5 per cent on the total paid in respect of 2005 (8 pence per share).”
Preliminary Results 2006
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Analysts Presentation
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