黑洞社区

Carillion鈥檚 new chief executive has outlined plans to grow 拢1bn businesses in both Canada and the Middle East as the firm announced its full year results.

Richard Howson, who took over from previous chief executive John McDonough at the start of the year, told 黑洞社区 he was pleased by what he called the 鈥渟trong鈥� set of results announced on Wednesday (29 February).

Although pre-tax profit dropped 15% from 拢168m in 2010 to 拢143m last year on flat turnover of just over 拢5bn, Howson said this was due to the 鈥渆xceptional charge鈥� of 拢40m worth of restructuring associated with Carillion鈥檚 acquisition of solar panel specialist Eaga.

Such restructuring was projected to cost 拢25m but the government鈥檚 decision to slash the rate of the feed-in tariff had resulted in a further 拢15m worth of costs, Howson said.

Pointing to the group鈥檚 performance in Canada and the Middle East, he said he intended to grow both businesses to around 拢1bn by 2015.

Around 60 families have relocated to the two markets to take up new jobs with Carillion in the last year alone.

鈥淲e are well placed to take advantage of the Canadian market, with PPP work worth 拢35bn coming to market in Ontario alone over the next three years,鈥� Howson said.

A Carillion joint venture reached financial close on a 拢1.4bn PPP hospital in Canada last August with the value of the business in the country now around 拢750m.

Turning to the Middle East, Howson said the strength of the Qatar and Saudi markets made him confident of doubling the 拢500m size of the business today in the same timescale.

Significant wins in the region last year included a 拢400m contract within the 鈥淗eart of Doha鈥� project last December by a consortium led by Carillion.