New contracts to hit £670m at Carillion
Earnings at Wolverhampton-based Carillion are expected to "grow strongly" by its 2011 year-end, the company announced this morning.
New contracts are expected to be worth up to £670m, said the company.
The support services company said it expected its net debt at the end of the year to be below £125m, an improvement on the target it set in April 2011 of £150m.
As a result of the acquisition of Carillion Energy Services, the company said its support services, which account for about 50 per cent of total underlying operating profit, would produce "strong profit growth".
Carillion's Middle East division has a "record" pipeline of contract opportunities, said the company.
Carillion said: "We remain well positioned to achieve the medium-term objectives for growth we announced in 2010, namely to deliver substantial growth in support services from 2012 onwards and to double the revenue of our businesses in the Middle East and in Canada, in each case to around £1bn, over three to five years.
"We also remain on track to complete the re-scaling of UK construction by 2013."
The company also announced the appointment of Andrew Dougal as a non-executive director after David Maloney revealed his plans to step down.
