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Carillion shares lower as group expects H1 revenue down year-on-year

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Support services and construction group Carillion (LON:CLLN) said that, despite market conditions remaining challenging, it is on track to deliver full-year results in line with expectations, however first half revenue will be lower than a year earlier.

The group had already flagged that it was scaling down its UK construction activities to align them with the shrinking domestic market, which is the main reason behind expected lower revenue in the first six months of 2012.

This is exacerbated by Middle East construction revenue being second-half weighted, which reflects the timing of project starts.

Investors focused mainly on the revenue shortfall and sent shares down 3.5 percent, to trade at 272.25 pence by 11.00 am.
Despite the challenging market conditions. Trading in the first half has been in line with company expectations, Carillion said.

The value of the group's order book and probable orders is expected to remain strong at around £18 billion when it reports interim results in late August, and the group's pipeline of contract opportunities is expected to have increased to some £35 billion in the first half.

Quick facts: Carillion

Price: 14.2 GBX

LSE:CLLN
Market: LSE
Market Cap: -
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