Last checked at 17 Jul 2017 07:00
17 July 2017
Carillion appoints EY to support its strategic review
Carillion, the integrated support services group, announces that it has appointed the professional services firm, EY, with immediate effect to support its strategic review with a particular focus upon cost reduction and cash collection.
As announced on 10 July, the Carillion Board is undertaking a comprehensive review of the Group's business and capital structure, alongside taking immediate action to generate significant cashflow in the short term and achieve a reduction in average net borrowing.
The Board has identified a number of actions to reduce average net borrowing including further cost efficiencies, an increased focus on managing working capital and on recoveries and cash collection.
Keith Cochrane, Interim Chief Executive, said: "We are moving forward quickly with the actions outlined last week. Alongside our own efforts, EY will provide support across the business and bring an external perspective to our cost reduction and cash collection challenge. My priorities are to reduce the Group's net debt and create a balance sheet that will support Carillion going forward.
"We need to simplify the business and demonstrate that value can again be created for shareholders by focusing the Group on its core markets, including infrastructure and property services, in which it has good strengths and leading positions"
Notes to Editors
Carillion is a market leading support services group focused on infrastructure and property services with a portfolio of Public Private Partnership projects, selective construction capabilities and a sector leading ability to deliver sustainable solutions. The Group had annual revenue in 2016 of some £5.2 billion, employs around 43,000 people and operates across the UK, in the Middle East and Canada.
This and other Carillion news releases can be found at www.carillionplc.com.
For more information
John Denning, Director Group Corporate Affairs, Carillion plc +44 (0) 1902 906333
Kellie McAvoy, Head of Investor Relations +44 (0) 1902 906333
Bell PottingerLiz Morley +44 (0) 7990 003314