It’s been a week of Carillion revelations and company results, alongside Crossrail budget woes and offsite sell-offs – here are the big numbers behind the headlines.
9 months – Carillion early warning
At least £170m-worth of accounting problems were spotted by Emma Mercer, which led the company to consider restating its 2016 results. She flagged the use of negative accruals on a number of large projects to senior managers, which effectively allowed Carillion to reduce its costs on projects.
42% – Fall in profit at Ferrovial
The Spanish group’s construction EBITDA for 2017 reflects the cost of its problem M8 contract in Scotland, as well as another loss-making job in Columbia. It lost €54m (£48m) on the now-completed M8 project in 2017, which it said was affected by a tight deadline and a failure to reach an agreement with the client about “alternative technical solutions”.
-5% – Keller’s UK revenue
The international engineering group said it was braced for a “challenging” year ahead, adding that it had “seen a notable slowdown in orders in recent months”. UK operations represent around 3 per cent of the firm’s total revenue.
20% – Crossrail’s 2017/18 budget overspend
TfL Finance Committee papers show that Crossrail has overspent by £190m for the year to 30 March, as of 6 January. TfL said Whitechapel and Farringdon station works were finished later than expected, and there were delays to work at Woolwich and Bond Street stations. However, the scheme is “still forecast to be delivered within its overall funding”.
£2.8m – Costain energy arm back in black
Costain’s natural resources business, which operates in the water and energy sectors, has returned to profit for the first time since 2013. The news comes after the company exited its problem Manchester waste PFI contract, for which it had set aside £15.1m in its previous set of results. Costain’s group profit before tax for 2017 rose 26 per cent to £38.9m on revenue of £1.68bn – up 7 per cent on 2016.
£1 – Sale price of SIG’s offsite business
Building Systems reported sales of £9.2m in the year to 31 December 2016 and made a loss before tax of £5.7m. SIG revealed it would suffer cash costs of £4.9m until March 2020 and would take a £7.9m hit in its 2017 accounts as a result of the sale.