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17 July 2017, 03:18 | Melissa Porter
Carillion saw the value of its shares fall by nearly £600m after it issued a profit warning
EY has been brought in with a specific focus on cost reduction and cash collection. That may help reassure shareholders after a profit warning a week ago sparked a sell off that wiped 71 percent from the value of the company.
Carillion dismayed investors on July 10 by announcing weaker-than-expected profit growth, the departure of its chief executive officer, the suspension of full-year dividends and a write-down related to various projects that analysts said may include work on Royal Liverpool Hospital. "My priorities are to reduce the Group's net debt and create a balance sheet that will support Carillion going forward".
He has been replaced by Mr Cochrane on an interim basis while a search is undertaken for a permanent boss.
But shares are up 8.64% as of 08:57 a.m. BST (03:57 EST) on Monday morning following news that Carillion has won a pair of HS2 contracts worth £1.4 billion.
"But it's hard to see an bad lot to be cheerful about".
Shares in Carillion plunged more than 70 per cent at one point last week, wiping nearly £600m off its market cap, after it said on Monday it expected to take £845m of writedowns on some of its largest projects.
Under its interim chief executive Keith Cochrane, Carillion said it was taking immediate action to generate significant cashflow in the short term and cut its debt.
The company said it had identified a number of ways to reduce average net borrowing, including further cost efficiencies, an increased focus on managing working capital and on recoveries and cash collection.
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