Trading through the troubles
Although 2016 results were in line, with increased revenues and positive cash flow, Carillion’s share performance reflects the challenges still evident in the balance sheet. Average net debt last year was £587m, the pension deficit at the end of 2016 was £663m (post tax) and there was an early payment facility (EPF) for suppliers of £498m at the year end. Management is tackling these with business rebalancing and ongoing cost reduction programmes. Meanwhile, the dividend was nudged up, currently yielding over 8%.Carillion is engaged as an integrated support services companies. Co. has four business segments: Support services, which includes facilities management, facilities services, energy services, rail services, utilities services and remote site accommodation services; Public Private Partnership projects, which includes the financial returns generated by the investments it makes in Public Private Partnership projects in the U.K. and Canada, including those from the sale of investments; Middle East construction services, which includes building and civil engineering activities in the Middle East and North Africa; Construction services, which includes construction activities in Canada.
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