Pre-tax profits at Carillion rocketed 92 per cent in the first half of 2009, the firm revealed today.
For the six months ended 30 June 2009 the firm recorded a pre-tax profit of £51.9 million compared to £27 million in the same period last year.
Total revenue was also up 13 per cent from £2.4 billion in the first half of 2008 to £2.7 billion.
At the end of the first half Carillion had reduced its net borrowing to £146 million from £264.1 million in 2008.
Carillion chairman Philip Rogerson said: “Carillion continued to perform strongly in the first half of 2009. A high quality order book, a resilient business mix, strong positions in our chosen market sectors and a robust balance sheet continue to underpin our expectation that, despite challenging market conditions, Carillion will deliver materially enhanced earnings in 2009”.
The company said its cost-savings from the integration of Alfred McAlpine were coming through as planned - increasing from £15 million in 2008 to £35 million in 2009 and to £50 million per annum in 2010.
It also generated £75.4 million from the disposal of its external IT services business.
While its Middle East construction services business was said to be performing strongly - on track to increase revenue from £464 million in 2008 to around £600 million by the end of 2009 following successful expansion in Abu Dhabi – Carillion said its other construction services divisions were performing satisfactorily.
The company said it had a high quality order book of around £19.7 billion at 30 June 2009 plus probable new orders worth approximately £2.9 billion.