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Carillion calls in accountant EY to cut costs

17 Juillet 2017

The Wolverhampton-based giant has hired EY after last week issuing a major profit warning after revealing a writedown of £845m related to three problem contracts.

Carillion announced last week that it was undertaking a comprehensive review of the business and capital structure, in an urgent quest to reduce borrowings and meet debt targets.

This article was published on 17 Jul 2017 (last updated on 17 Jul 2017).

Carillion calls in accountant EY to cut costs
Carillion calls in accountant EY to cut costs

The firm, which also hired HSBC last week for extra financial advice last week, said today it 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". Alongside our own efforts, EY will provide support across the business and bring an external perspective to our cost reduction and cash collection challenge.

He added the group aims to "simplify the business" and "demonstrate that value can again be created for shareholders".

Meanwhile, a Carillion joint venture with Effage and Keir has won work on the HS2 rail project which will connect London to the West Midlands. Lot C3 of the contract is for Brackley to Long Itchington Wood Green Tunnel South Portal and its worth GBP616 million. Stage Two is the construction of the main works and this is expected to take between four and five years to complete, the company said.

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Carillion calls in accountant EY to cut costs