Preliminary Results 2009
A leading support services company with construction capabilities in the UK, Middle East and Canada.
2009 results
- 2009 was a good year for Carillion as it consolidated its position as a leading support services company
- Total revenue increased by 4% to £5.4bn (2008: £5.2bn), reflecting resilient business mix in challenging market conditions
- Improved operating margin of 4.0% (2008: 3.7%)(1), with support services operating margin increased to 4.9% (2008: 4.6%), as the Group maintained strict contract selectivity and continued to benefit from Alfred McAlpine integration cost savings
- Underlying profit before taxation up 16% to £182.2m (2008: £157.5m)(2), with support services making the largest contribution to operations at 52% (2008: 55%) as the Group continued to benefit from strong positions in its support services markets. Reported profit before taxation up 27% to £147.7m (2008: £115.9m)
- Underlying earnings per share (eps) up 14% to 39.0p (2008: 34.3p)(3), basic eps up 18% to 33.4p (2008: 28.4p)
- Very strong cash flow from operations of £268.2 million (2008: £198.3 million)
- Strong balance sheet with net cash at 31 December 2009 of £24.9m (2008: net borrowing £226.7m)
- Proposed dividend up 12% to 14.6p (2008: 13.0p) which continues strong compound annual growth rate of 14% over last five years
Operational highlights
- Disposed of two non-core businesses, external IT Services and Enviros, and outsourced internal IT services, generating cash proceeds of £102.4 million
- Equity investments in Public Private Partnership (PPP) projects continue to generate substantial value – the sale of four investments in 2009 generated proceeds of £100.7m
- Middle East construction services continued to perform strongly, contributing 21% of total underlying operating profit at an improved operating margin of 8.5% (2008: 7.4%), following successful expansion into Abu Dhabi and a strong performance in Oman
- Construction services (excluding the Middle East) performed satisfactorily, contributing 13% of total underlying operating profit at a stable margin of 1.4%.
- Stable high quality order book of some £17.7 billion (2008: £20.4 billion), with the movement in order book due to PPP equity sales and non-core business disposals; excellent pipeline of probable orders and contract opportunities
(1) Before Joint Ventures net financial expense and taxation, intangible amortisation, impairment of other investments, nonrecurring operating items and non-operating items.
(2) After Joint Ventures taxation of £6.5m (2008: £10.7m) and before intangible amortisation, impairment of other investments, non-recurring operating items and non-operating items
(3) Before intangible amortisation, impairment of other investments, non-recurring operating items and non-operating items (see notes 3 and 4 to the financial information on page 29).
Preliminary Results 2009
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Analysts Presentation
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