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Carillion reclassified as support services business

Carillion has confirmed that it is to be reclassified on the London Stock Exchange with a support services listing following its purchase of Alfred McAlpine.

The firm announed this morning that at the end of business on Friday (20 June) the firm will cease trading in the heavy construction sub-sector, starting up again the following Monday in business support services.

A statement from the firm said: “This move reflects the material change in composition of Carillion's business activities in line with the Group’s strategy for growth, which, following the acquisition of Alfred McAlpine earlier this year, has created a leading UK support services businesses."

Carillion has also announced the sale of its equity investments in four Public Private Partnership contracts at Lewisham Hospital, James Cook University Hospital in Middlesbrough, Barnsley schools and Cleveland schools, generating proceeds of £35.9 million.