Carillion has brought in HSBC as its financial adviser to help reverse its fortunes following Monday’s shock profit warning.
The bank was appointed as the Wolverhampton-based contractor’s joint financial adviser and corporate broker with immediate effect.
A spokeswoman said HSBC would work alongside Morgan Stanley, Lazard and Stifel, all of which Carillion has existing relationships with.
Carillion’s share price recovered slightly this morning, rising to 61p, nearly 8 per cent up from 56.5p when markets opened today.
Monday saw shares plummet at the firm after a trading update revealed it expected to make a contract provision of £845m in its accounts, of which £375m related to the UK – primarily to three PPP projects – and £470m to overseas work, the majority to exiting markets in the Middle East and Canada.
Carillion chief executive Richard Howson stepped down this week after nearly five years at the helm.
By the end of trading yesterday, Carillion’s share price had fallen more than 70 per cent from its close last week of 192p.
It is understood that HSBC will not be directly involved in the review of the business announced earlier this week.
On Tuesday interim chief executive Keith Cochrane said he wanted the strategic review to identify which markets the business should be targeting, to simplify its operations, and to ensure legacy issues were consigned to history.