Carillion appoints adviser as shares tumble

14 July 2017 Support services group Carillion has appointed an adviser to overhaul its finances after its recent profit warning sent its shares into freefall.

HSBC will act as joint financial adviser and joint corporate broker with immediate effect, nearly a week after Carillion announced its pull-out from construction PPPs as well as markets in Qatar, Saudi Arabia and Egypt to reduce net borrowing and improve profits.

The group released full-year revenue expectations of £4.8bn-5bn and net borrowing of £695m, adding that profits could receive an £845m hit, of which £375m was from UK projects. 

Non-executive chairman Philip Green announced that Richard Howson had stepped down as chief executive, with senior independent non-executive director Keith Cochrane replacing him as interim.

The firm’s share price has plunged by over 60% to a low of £0.54 following the series of announcements on Monday, but has since made a modest recovery, with today’s price floating around £0.60. 

Carillion will provide an update on its strategic review with its interim results in September.

This page was last updated on:
20 February 2018.

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