Thursday, construction company Carillion Plc (CLLN.L) reported an increase in profit for the first half of fiscal 2009. The company cited significant order wins while it reduced expenses.
For the first half, profit before taxation was GBP 51.9 million compared with GBP 27.0 million in the prior-year period. On an adjusted basis, pre-tax profit rose 17% to GBP 62.6 million from GBP 53.6 million last year.
The Wolverhampton, West Midlands-based company's profit attributable to shareholders surged to GBP 44.2 million or 11.1 pence per share, from GBP 25.7 million or 6.9 pence per share in the first half of fiscal 2008. Adjusted, earnings were GBP 50.6 million or 12.8 pence per share versus GBP 42.1 million or 11.5 pence per share in 2008.
Adjusted results excluded amortisation of intangible assets arising from business combinations totaling GBP 18.9 million, and one-time costs relating to impairment of other investments amounting to GBP 9.9 million.
Revenues for the six-month period rose to GBP 2.22 billion from GBP 2.09 billion in the prior-year period. Excluding revenue from joint ventures of GBP 501.1 million, total revenues were GBP 2.72 billion.
On a segmental basis, revenues from support services increased to GBP 1.13 billion from GBP 1.06 billion; revenues from public private partnership projects were GBP 0.5 million versus GBP 0.3 million, and revenues from construction services, excluding Middle East, rose to GBP 1.03 billion from GBP 968.3 million last year.
However, Middle East construction services generated revenues of GBP 54.9 million compared with GBP 55.7 million in the previous year.
Geographically, UK generated revenues of GBP 1.93 billion versus GBP 1.92 billion last year, revenues from Canada and the Caribbean surged to GBP 235.4 million from GBP 107.7 million a year ago, and revenues from the rest of the world were reported as GBP 6.0 million, flat with the prior year. Revenues from the Middle East declined to GBP 54.9 million from GBP 55.7 million in the year-ago period.
Carillion's expenses for the period slid to GBP 137.7 million from GBP 180.1 million in the last-year period.
Looking forward to the second half of the year, Carillion expects trading conditions in all market sectors to remain challenging.
The board approved an interim dividend of 4.6 pence per share for the year, up 12% from last year, payable on November 11 to shareholders of register on September 11.
CLLN is currently trading at 293.50 pence per share, down 4.71%, on the London Stock Exchange.
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