At Carillion’s Annual General Meeting today, Group Chief Executive, Richard Howson, will make the following comments.
“Trading conditions across the Group’s markets have remained largely unchanged since we announced our 2016 full-year results in March.
“Consequently, we continue to focus on the priorities we set out when we announced our 2016 results, namely to accelerate the rebalancing of our business into markets and sectors where we can achieve our objectives for margins and cash flows; and to manage challenging contract positions, particularly in our international markets, as these are key to achieving our objective of reducing average net borrowing.
“We have made an encouraging start to the year in terms of winning new business in our chosen markets, with new orders and probable orders worth approximately £1.3 billion, which has increased revenue visibility(1) for 2017 to over 85 per cent.”
(1) Based on expected revenue and secure and probable orders, plus estimated revenue from variable work and frameworks agreements.