Carillion aims for £1bn in foreign markets
Carillion, the Wolverhampton-based support services giant, said it has performed "strongly" in the first six months of 2011. In a trading statement this morning, the company said it now aimed to double revenue in the Middle East and Canada within five years to about £1bn.
In a statement to the Stock Exchange this morning, Carillion said its operating margin continued to increase, and it expects improved margins in support services and construction services.
The company also said its order book at the half year is expected to remain strong, and that it has a "record pipeline of contract opportunities".
A statement from the company read: "The company plans to deliver substantial growth in support services from 2012 onwards and to double our annual revenues in the Middle East and in Canada over three to five years, in each case to around £1bn."
Carillion bought North East-based Eaga in April, changing its name to Carillion Energy Services.
The company said that the integration of the new company was progressing well, adding that cost savings from the acquisition were now expected to increase from a total of £9m to £15m per year by 2013, at a one-off cost of £20m.
A statement from the company said: "Despite the fact that market conditions remain challenging, we expect the group to build on its strong first-half performance to deliver earnings growth in the full year.
"Our ability to perform well continues to reflect the strength and resilience of our well balanced UK support services and international business mix, good revenue visibility and record pipeline of contract opportunities.”
