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Carillion dismisses McAlpine claims

Carillion has said it will make a profit this year with the firm only having to stump up the already announced £30 million of restructuring costs following its takeover of Alfred McAlpine.

The firm was forced to rush out a Stock Exchange announcement this morning after Sunday newspaper reports said it was facing a £400 million writedown on the McAlpine deal.

But the firm rubbished claims that the writedown includes £100 million set aside for contract settlements.

In the statement, Carillion said any adjustments in the ‘fair value’ of McAlpine’s net assets “are required to be treated as pre-acquisition adjustments and will have no impact on the Group’s total net assets, profits or cashflow”.

Earlier this month, Carillion said it was on course to make the stated £30 million in annual costs savings from the enlarged business by the end of 2009.