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January 15, 2018

Speedy assesses Carillion impact

Filed under: Latest News — EHN Team @ 6:11 pm

Speedy has issued a statement following the announcement earlier today that construction services company, Carillion plc, has gone into liquidation.

The hirer is a supplier of hire equipment and services to Carillion and states it is committed to supporting the delivery of projects as planned. It says that revenue in the 12 months to December 2017 with all Carillion entities was approximately £12.0m, of which around.55% represented core hire revenue. Outstanding debt at 31 December 2017 was £2.0m. A proportion of the group’s revenue and debt relates to joint venture arrangements involving third parties which are expected to continue unaffected.

Speedy intends that any profit impact of Carillion’s compulsory liquidation will be recorded as an exceptional non-underlying charge in the income statement for the year ending 31 March 2018.

It adds that the impact of Carillion’s situation is not expected to be material to the group, which had net debt at 31 December 2017 of £88.9m, and that it remains on track to deliver a result in line with expectations for the full year.

Some City commentators are suggesting that the long-term impact on Speedy’s financials will be limited, pointing out the likelihood of joint venture partners, or other third parties, taking on some of Carillion’s workload, as well as flexibility within Speedy’s own operations.

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