But contractor grew revenue a fifth over the first half of 2015
General election uncertainty over the first half of 2015 led to a large drop in new orders for contractor Carillion, the firm has said today in otherwise solid half-year results.
Over the six months to June Carillion amassed new and probable orders worth 拢1bn, well down on 拢3.2bn for the same period in 2014, which the firm attributed to an 鈥渆xpected pause in public sector contract awards due to the UK general election鈥�.
However, the firm grew a fifth over the period, with revenue up 21% to 拢2.3bn, up from 拢1.9bn the previous year. Pre-tax profit was unchanged at 拢67.5m.
Underlying pre-tax profit 鈥� which strips out exceptional costs 鈥� rose 11% to 拢84.5m, up from 拢75.9m.
Carillion said it was pleased that its underlying profitability over the period 鈥済rew strongly despite substantial costs of mobilising new contracts鈥�, given what it described as an 鈥渆xceptional volume鈥� of new contracts won in 2014.
The firm鈥檚 order book incorporating probable orders dropped to 拢17.1bn at 30 June 2015, down from 拢18.6bn at the end of 2014.
Carillion chairman Philip Green said: 鈥淲ith a strong order book, a growing pipeline of contract opportunities and the prospect of market conditions continuing to improve, our expectations for 2015 and the medium term remain unchanged.鈥�
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