Carillion calls in accountant EY to cut costs

17 Juillet, 2017, 15:37 | Author: Marc Bacque
  • Carillion saw the value of its shares fall by nearly £600m after it issued a profit warning

The shortfalls were discovered following an earlier contract review helped by fellow accountants KPMG.

EY and Carillion will focus on "cost reduction and cash collection" following a torrid seven days for the firm.

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.

Carillion is a leading supplier to Sellafield and has an office in Moor Row.

Carillion has brought in accountancy giant EY to look at cost reduction and cash collection as part of a strategic review of the troubled business.

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We are moving forward quickly with the actions outlined last week. It also parted company with its chief executive Richard Howson. 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He has been replaced by Mr Cochrane on an interim basis while a search is undertaken for a permanent boss.

Cochrane added: "We are delighted that our joint venture, CEK, has been selected to deliver two of the three central contracts for HS2 Phase One, the London to Birmingham section of the route, reflecting the strength of our joint venture".

Shares in Carillion jumped by more than seven per cent off the back of the contract awards to 60.1p, but still way off from the 191p they were trading at before the stock collapsed last week.

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