Final Results

Carillion PLC 14 March 2001 14 March 2001 Carillion plc 2000 preliminary results Leading construction to services group Carillion plc today announces its preliminary results for the year ending 31 December 2000. Highlights * Turnover up 6% to £1.9 billion * Profit before tax and exceptional items up 14% to £41.9 million * Continuing strategic progress * Strong order book of £4 billion * £3.4 billion (85%) of orders in growth segments of PFI, Services and Infrastructure Management * PFI projects worth £470 million financially closed during the year * Portfolio of financially closed PFI contracts increased to 14 * Net exceptional items before tax of £28.9 million (principally Crown House) * Restructuring of Crown House Engineering on track * John McDonough appointed Chief Executive in January 2001 Chairman Sir Neville Simms says, 'Looking forward, with the outstanding commitment and skills of our employees, a strong order book and the outlook in all our main markets remaining positive, we are well positioned to achieve our aim of generating a growing stream of more visible and predictable earnings. 'With this strong position enhanced by our industry leading Sustainability and Health and Safety programmes, we expect to be able to build on our positive achievements in 2000 and continue to make progress towards our objective of generating more than half of the Group's earnings from our PFI concessions and services-related activities.' For further information John McDonough Chief Executive Chris Girling Finance Director John Denning Head of Corporate Affairs and Communications 14 March 2001 until 12 noon 020 7726 8556. Thereafter 01902 422431 Chairman's statement Two things stood out to mark the performance of Carillion in 2000, our first full year of trading as an independent company. First, was the significant progress we made with our strategy: we successfully grew our services-related activities whilst maintaining the best of our well established construction businesses. We also developed and marketed integrated solutions, tailored to meet the specific needs of our customers, from financing through design and construction to lifetime maintenance and operation. Second, was the unacceptable performance of Crown House Engineering (CHE), our mechanical and electrical engineering business. As announced in August 2000, the Board was required to take prompt action to restructure this business: the senior management team was replaced, new robust controls were introduced, extensive restructuring began immediately and a first half exceptional charge of £25 million was taken to cover contract losses. Despite this setback, the Group's strategic progress is evident in its underlying performance and the quality of its £4 billion order book, an increasing proportion of which comes from the growth areas of Private Finance, Infrastructure Management and Services. Operating profit before exceptional items increased by 6% to £45.2 million on turnover also up by some 6% to £1.9 billion. With net interest payable reducing by 47% to £3.3 million, profit before tax and exceptional items increased by 14% to £41.9 million. After exceptional items of £28.9 million, including £7 million of restructuring costs and a profit of £3.1 million on the disposal of businesses, profit before tax was £13.0 million. Earnings per share before exceptional items were 13.3 pence, compared with 12.0 pence in 1999; after exceptional items, earnings per share were 3.6 pence compared with 11.5 pence in 1999. Net cash at 31 December was £50.7 million, some £80 million lower than at 31 December 1999 due to the previously indicated change in the Group's cash management policies to smooth out year-end cash peaks and pay suppliers more promptly. In view of the sound underlying performance of the Group, your Board is recommending the payment of a final dividend of 2.78 pence, making a total for the year of 4.12 pence, a 3 % increase on 1999. The final dividend will be paid on 29 June to shareholders on the Register at close of business on 4 May. A scrip dividend alternative will also be offered. In January 2001, we were delighted to welcome John McDonough as our new Chief Executive. John brings to the Board a wealth of experience in the Services Industry and is well qualified to accelerate the Group's drive to deliver its strategic objectives. We were also delighted to welcome Roger Dickens to the Board as a non-executive director in May 2000 and I am pleased to be continuing my involvement with Carillion as non-executive Chairman. Looking forward, with the outstanding commitment and skills of our employees, a strong order book and the outlook in all our main markets remaining positive, we are well positioned to achieve our aim of generating a growing stream of more visible and predictable earnings. With this strong position enhanced by our industry leading sustainability and health and safety programmes, we expect to be able to build on our achievements in 2000 and continue to make progress towards our objective of generating more than half of the Group's earnings from our PFI concessions and services-related activities. Sir Neville Simms Chairman Operating Review In 2000 we continued our commitment to creating a growing stream of more visible and predictable earnings, through: * the development of our services-related businesses in the growth markets of Private Finance (Public Private Partnerships), Infrastructure Management and Integrated Facilities Management. * a more selective approach to construction projects, targeting those requiring our specialist skills and resources and where we can build strong customer relationships, minimise risk and achieve better margins. * the development and marketing of our ability to provide integrated solutions that require combinations of our specialist skills in both construction and services. In line with our strategy, we have improved risk management processes across our businesses and we are progressively reducing the risk profile of our portfolio. Our industry leading Sustainability and Health and Safety programmes continue to play a key part in minimising and managing risk, as well as enabling us to offer solutions with improved environmental performance and whole-life cost effectiveness. Perhaps most importantly, 2000 saw all our businesses move to embrace our new approach; moving away from adversarial models towards openness, collaboration and mutual dependency. We were therefore once again proud to be voted the UK's 'Most Considerate Contractor' under the Considerate Constructors Scheme, run by the Construction Industry Board. Private Finance 2000 1999 Turnover £249.3m £95.1m Operating profit £8.9m £5.0m Margin 3.6% 5.3% The turnover and profit reported in this segment come from two sources. * Our equity investments in the Special Purpose Vehicle (SPV) companies that we establish with our partners to own and manage PFI concession contracts. Carillion's share of future SPV turnover is expected to be some £1.7 billion in real terms, over the life of the 14 concession contracts we have financially closed to-date. * Building, maintaining and operating assets on behalf of the SPVs in which we have equity investments. Future turnover from these activities on financially closed projects is expected to be around £1 billion. The large increase in Private Finance turnover in 2000 reflects substantial growth in the size and maturity of our portfolio, notably the addition of two major projects - the New Accommodation Project (NAP) for GCHQ and Nottingham Express Transit (NET) on which construction started during the year. However, the full benefit of this growth is not yet reflected in operating profit and margins, because overhead costs in 2000 rose as we invested heavily in increased bidding activity and the expansion of our specialist PFI team, in response to strong market demand. Our continuing success in PFI during 2000 demonstrates our ability to deliver whole-life, integrated solutions, using our innovative skills and expertise to raise standards in public service provision. We have now financially closed 14 PFI projects, we are the preferred bidder for Manchester Magistrates Court and have been short-listed for a further 17 projects. Our PFI portfolio grew substantially when we achieved financial close on NAP and NET, which have a combined construction and maintenance value of over £470 million, and brought the number of projects we now have in the construction phase to six. Our portfolio is also maturing as projects move successfully from construction to operation. The hand-over of Darent Valley Hospital and HM Prison Rye Hill increased the number of projects now in the operational phase to eight. Carillion has also purchased additional equity in UK Highways' M40 project. This purchase, which took place early in 2001, increased our share of equity from 22.5% to 50% and has added significantly to the value of our portfolio of PFI investments. The prospects for PFI in our international regions continue to look promising, notably in the Republic of Ireland, where we are targeting a substantial number of roads projects, as well in Canada and The Middle East. Infrastructure management 2000 1999 Turnover £307.5m £233.6m Operating profit* £11.7m £13.1m Margin* 3.8% 5.6% * Before exceptional operating items of £2 million Turnover in Infrastructure Management grew as a result of increased activity in rail maintenance, rail projects and highways maintenance. However, operating profit and margins declined due to lower returns on older contracts, particularly in Centrac our track renewal business. As expected, however, performance improved in the second half of the year, as the benefits of restructuring and of newer rail contracts on which we are working in alliance with Railtrack, began to come through. In 2000, we continued to invest in our ability to deliver high standards of service delivery, quality and safety and in working closely with our customers to develop new and better ways of managing and maintaining the UK's rail and road networks. By the end of 2000, our order book in this segment had increased to £324 million, 32 % higher than at the end of 1999. Rail. We continued to be a leading supplier of maintenance services to Railtrack and provided track renewal services to both Railtrack and London Underground Ltd. The successful restructuring of GTRM played a major part in achieving the high levels of quality, safety and efficiency that made it the best performing maintenance contractor, heading Railtrack's Key Performance Indicators for most of 2000; this has continued in 2001. Having worked in alliance with Railtrack to complete complex projects, such as the remodelling of Proof House Junction on the West Coast Mainline, on time and to budget, we believe this form of partnership holds the key to the successful delivery of the growing rail investment programme. As we have the skills to provide integrated supply chain solutions, we are well positioned as a preferred partner to benefit from this growing market. Roads. We have contracts with the Highways Agency to provide routine and rapid response maintenance for around 22 % of the motorway and trunk road network in Great Britain, plus similar, smaller, contracts for six Local Authority road networks. Our focus on quality of service and safety was rewarded when the Highways Agency extended the contract periods for three of our Area Maintenance contracts during the year. Market prospects in road maintenance have continued to improve with the increase in spending announced by the Government in July 2000, under its ten year Transport Plan. Services 2000 1999 Turnover £306.7m £322.7m Operating profit* £6.2m £8.6m Margin* 2.0% 2.7% *Before exceptional operating costs of £30 million. After exceptional costs there was an operating loss of £23.8 million. Turnover in this segment continued to fall as a result of the strategic changes announced in August 2000 to focus Crown House Engineering (CHE) on fewer and larger contracts. The exceptional operating charge of £25 million to cover contract losses in CHE, also announced in August, together with £5 million of restructuring costs, resulted in an operating loss of £23.8 million. Turnover in our other services businesses in this segment remained unchanged at £104m, with an average margin of 7.0%. However, the £500 million BT services contract for Monteray Limited, 51% owned and led by Carillion Services, will see turnover increase significantly in 2001. Under this agreement, previously referred to as BT Jaguar, Monteray will provide property and facilities management services to around 8,500 BT buildings, through an integrated solution that will deliver improved and sustainable standards of service across BT's estate. Securing this business was therefore a major success, rewarding our strategic focus on the provision of integrated solutions by building long-term, collaborative partnerships. Elsewhere in 2000, Carillion Services consolidated its position in other key markets. It continues to be a leading supplier of integrated FM services to the Health Sector, including eight NHS Trusts; delivers property and estate management services to the Metropolitan Police; manages the Royal Parks in Greater London, which it successfully re-tendered during the year; supervises 14 Estate Works Consultancy contracts for the Ministry of Defence; and provides non-residential property management services for Westminster City Council. Carillion Fleet Management and Markfield Insurance performed exceptionally well over the year, with the former winning a major new contract that increases the proportion of its turnover from outside the Group to over 30%. In Crown House Engineering (CHE) the new management team is working hard to restructure the business to focus on fewer and larger contracts for key customers and its successful 'Voice and Data' communications business. We therefore expect turnover in CHE to reduce as planned by around a third to £ 150 million in 2001, with the aim of returning the business to profitability by the second half of 2001. Capital projects 2000 1999 Turnover £510.5m £490.4 Operating profit £8.5m £4.2m Margin 1.7% 0.9% Turnover in Capital Projects increased by 4%. However, within the total, turnover in UK civil engineering activity reduced by 20 %, largely as a result of project selectivity, while overseas turnover increased by 10 %. Operating profit doubled, reflecting a particularly good performance by our overseas regions, our labour supply businesses, NCS and Pasco, which we have now amalgamated and re-branded 'SkyBlue', and favourable final account settlements on a number of civil engineering projects. The performance of our Overseas Regional Businesses in Canada, the Caribbean, France, the Middle East and the Republic of Ireland improved significantly. In 2000, they focused effectively on their core markets, building on their well-established reputation for efficiency, safety and quality. Determining whether we can use our Overseas Regional Businesses as a platform for extending our private finance, infrastructure and services interests remains a key objective. In 2000, we formed a joint venture, Erin Route, specifically to bid for road opportunities in Ireland's emerging PFI/PPP market. Also, Carillion Construction Canada secured its first State road maintenance contract. Overall, we have continued to carefully target projects, both in the UK and overseas, to reduce the risk profile of our businesses in this segment. A 12 % increase in the year-end order book to £317 million was primarily the result of CAMBBA, a joint venture of Carillion and three other leading UK contractors, securing the Birmingham Northern Relief Road, worth over £120 million to Carillion. Building 2000 1999 Turnover £618.9m £711.1 Operating profit £18.1m £16.7m Margin 2.9% 2.3% Turnover in Building reduced by some 13%, as the businesses in this segment maintained a selective approach to the projects they undertake. This selectivity, together with a continuing focus on performance improvement to increase efficiency, resulted in improved profit and margins. Our strong building businesses lie at the heart of our strategy for delivering truly integrated solutions, able to meet the changing needs of customers and end-users in the private or public sectors. Consequently, although our order book in this segment has reduced from £542m to £317m, primarily as a result of project selectivity, this reduction is being balanced by an increasing volume of PFI building work, where our order book has more than doubled to £323 million. As we continue to increase the proportion of work coming from our long term key account customers, project design and delivery is more closely managed, which helps to minimise risk and maximise quality and efficiency. Carillion Building remains the UK market leader in commercial building, which includes offices, retail and leisure facilities. Voted UK Major Contractor of the Year in 2000, it has consolidated its position at the forefront of innovation and performance, in terms of customer satisfaction, the level of negotiated work, supply chain management and profitability. It also received the Quality in Construction Award for Environmental Achievement, for the second year running, and the Considerate Contractor 'Site of Sites' award for HM Prison, Rye Hill. Our social housing specialist, Carillion Housing, is focused on the opportunities now arising from the PFI Pathfinder Projects for social housing and the large urban stock transfer programme, in-line with our strategy to use our skills in this segment to offer integrated solutions. It is also being repositioned to take advantage of the £20 billion maintenance and repair backlog, which the Government is now committed to clearing over the next ten years. Schal, a market leader in construction and project management, completed a number of spectacular, high profile Millennium projects in 2000, which was also a successful year for Consult, our design and technical services consultancy. Outlook and prospects We have a strong order book of £4 billion and leading positions in all our main markets, in which prospects continue to look positive. Planned Public Sector PFI investment in our main chosen sectors of transport, hospitals and secure establishments is set to rise to over £40 billion. Opportunities in Infrastructure Management should improve as planned investment in rail and highways maintenance increases to over £5 billion per annum. The market we are addressing for integrated facilities management is some £15 billion per annum, growing by 7% per annum, and we expect more opportunities for integrated solutions like BT Jaguar. Increased Government investment in infrastructure, especially the £180 billion planned for transport over the next ten years, should benefit our Capital Projects segment. The commercial building market is forecast to remain at its current record level of around £10 billion over the next two years, so medium term prospects in this market also remain positive. We therefore expect to be able to build on our achievements in 2000 and continue to make progress towards delivering our strategic objective of creating a growing stream of more visible and predictable earnings. Consolidated Profit and Loss Account for the year ended 31 December 2000 31 December 2000 31 Before Exceptional Total December Exceptional items 1999 Items Total £m £m £m £m Total turnover 1,909.0 - 1,909.0 1,802.3 Less: share of (228.0) - (228.0) (193.8) joint venture's turnover Group turnover 1,681.0 - 1,681.0 1,608.5 Cost of sales (1,536.2) (25.0) (1,561.2) (1,455.5) Gross profit 144.8 (25.0) 119.8 153.0 Administrative (115.4) (5.0) (120.4) (123.0) expenses Group operating 29.4 (30.0) (0.6) 30.0 profit Share of 15.8 (2.0) 13.8 11.3 operating profit in joint ventures Total operating 45.2 (32.0) 13.2 41.3 profit Profit on sale - 3.1 3.1 - of businesses Net interest payable: Group (1.5) - (1.5) (3.7) Joint ventures (1.8) - (1.8) (2.5) (3.3) - (3.3) (6.2) Profit on 41.9 (28.9) 13.0 35.1 ordinary activities before taxation Tax on profit on (13.8) 9.2 (4.6) (11.6) ordinary activities Profit on 28.1 (19.7) 8.4 23.5 ordinary activities after taxation Equity minority (1.0) - (1.0) 0.1 interests Profit for the 27.1 (19.7) 7.4 23.6 financial year Equity dividends (8.6) - (8.6) (8.2) Retained profit/ 18.5 (19.7) (1.2) 15.4 (loss) for the Group and its share of joint ventures Earnings per ordinary share - Basic 3.6p 11.5p - Diluted 3.6p 11.5p Adjusted earnings per ordinary share (excluding exceptional items) - Basic 13.3p 12.0p - Diluted 13.3p 12.0p Dividends per 4.12p 4.0p ordinary share The results set out above relate to continuing businesses. Consolidated Balance Sheet At At 31 December 31 December 2000 1999 £m £m Fixed assets Intangible assets 1.6 1.7 Tangible assets 46.8 54.0 Investments in joint ventures: Share of gross assets 556.3 297.4 Share of gross liabilities (515.0) (266.7) 41.3 30.7 Other Investments 1.9 - 91.6 86.4 Current assets Stocks 45.3 60.2 Debtors 523.5 510.5 Investments 8.0 5.4 Cash at bank and in hand 84.0 147.3 660.8 723.4 Creditors: amounts falling due within one year Bank loans and overdrafts (15.4) (5.0) Other creditors (581.6) (658.7) (597.0) (663.7) Net current assets Due within one year 44.1 35.3 Debtors due after more than one year 19.7 24.4 63.8 59.7 Total assets less current liabilities 155.4 146.1 Creditors: amounts falling due after more than one year Bank loans (17.9) (10.8) Other creditors (7.9) (7.2) (25.8) (18.0) Provisions for liabilities and charges (0.9) (3.9) Net assets 128.7 124.2 Financed by: Capital and reserves Called up share capital 105.3 102.5 Share premium account 3.0 0.3 Revaluation reserve 0.1 0.1 Merger reserve 8.2 8.2 Profit and loss account 11.1 13.1 Equity shareholders' funds 127.7 124.2 Equity minority interests 1.0 - 128.7 124.2 Consolidated Cash Flow Statement Year ended Year ended 31 December 31 December 2000 1999 £m £m Net cash outflow from operating activities (64.1) (10.7) Loan advance to joint ventures (6.8) (6.1) Returns on investments and servicing of finance Interest paid (5.9) (5.1) Finance lease charges (0.1) (0.1) Interest received 5.2 0.9 Dividends received from joint ventures 7.9 21.2 Net cash inflow from returns on investments 7.1 16.9 and servicing of finance Corporate taxation paid (1.1) (1.7) Capital expenditure and financial investment Payments to acquire fixed assets (8.2) (9.7) Payments to acquire current asset (2.7) (3.8) investments Payments to acquire fixed asset investments (0.2) - Purchase of own shares by ESOP (3.0) - Sale of tangible fixed assets 2.0 3.4 Net cash outflow from capital expenditure (12.1) (10.1) and financial investment Acquisitions and disposals Sale of businesses 3.4 - Equity investment in joint ventures (3.5) (0.2) Net cash outflow from acquisitions and (0.1) (0.2) disposals Equity dividends paid (4.6) (2.2) Net cash outflow before management of (81.7) (14.1) liquid resources and financing Management of liquid resources (Increase)/decrease in short term deposits (0.3) 2.4 Net cash (outflow)/inflow from management (0.3) 2.4 of liquid resources Financing Drawdown of debt 6.4 10.6 Cash dowry on demerger - 12.4 Repayment of finance leases (0.8) (1.0) Net cash inflow from financing 5.6 22.0 (Decrease)/increase in cash in the year (76.4) 10.3 Cash flow notes Reconciliation of operating profit to net cash outflow from operating activities 2000 1999 £m £m Carillion Group operating profit before exceptional items 45.2 42.8 Share of operating profit in joint ventures (13.8) (11.3) Depreciation 13.7 13.1 Profit on disposal of fixed assets (0.3) (0.4) Decrease in market value of listed current asset investments 0.1 - Amortisation of goodwill 0.1 - Decrease in provisions (3.0) - Decrease/(increase) in stocks 14.6 (5.2) Increase in debtors (40.2) (3.0) Decrease in creditors due within one year (80.7) (44.5) Increase/(decrease) in creditors due after more than one 1.2 (0.7) year Increase/(decrease) in bills of exchange 0.8 (1.5) Net cash outflow from operating activities before (62.3) (10.7) exceptional items Exceptional operating cash spend (1.8) - Net cash outflow from operating activities (64.1) (10.7) Analysis of changes in net funds Short-term Short-term Bank Loans Long-term and Cash deposits Borrowings Net at Overdrafts funds £m £m bank £m £m £m Decrease in (66.0) - (10.4) - (76.4) cash Cash outflow - 0.3 - - 0.3 from management of liquid resources Net drawdown - - - (6.4) (6.4) of debt Effect of 1.5 0.9 - (0.7) 1.7 foreign exchange rate changes Movement in (64.5) 1.2 (10.4) (7.1) (80.8) net funds in the year Net funds at 123.6 23.7 (5.0) (10.8) 131.5 1 January 2000 Net funds at 59.1 24.9 (15.4) (17.9) 50.7 31 December 2000 1. Analysis of total turnover and operating profit and net assets Total turnover Net assets/(liabilities) Class of business 2000 1999 2000 1999 * £m £m £m £m Building 618.9 711.1 (6.2) (77.5) Capital Projects 510.5 490.4 115.5 80.8 Services 306.7 322.7 17.9 1.1 Infrastructure Management 307.5 233.6 8.1 7.3 Private Finance 249.3 95.1 (46.0) (11.1) Internal trading (83.9) (50.6) - - Corporate centre - - (11.3) (7.9) Net cash - - 50.7 131.5 1,909.0 1,802.3 128.7 124.2 * The net assets/(liabilities) for 1999 have been restated to more accurately reflect the allocation of contracts between classes of business. Geographical origin: UK 1,573.1 1,494.2 78.7 (8.2) Europe 157.3 148.9 (39.2) (15.5) Other 178.6 159.2 38.5 16.4 Net cash - - 50.7 131.5 1,909.0 1,802.3 128.7 124.2 The analysis of turnover by geographical market served is not materially different from that by geographical origin. Operating 2000 1999 profit Before Exceptional After After Operating Exceptional Class of Exceptional Exceptional Operating business Operating Items Operating Items Items £m Items £m £m £m Building 18.1 - 18.1 16.7 Capital 8.5 - 8.5 4.2 Projects Services 6.2 (30.0) (23.8) 8.6 Infrastructure 11.7 (2.0) 9.7 13.1 Management Private 8.9 - 8.9 5.0 Finance Corporate (8.2) - (8.2) (4.0) centre Tarmac - - - (2.3) management charge 45.2 (32.0) 13.2 41.3 Geographical origin: UK 35.0 (32.0) 3.0 37.4 Europe 2.9 - 2.9 (0.1) Other 7.3 - 7.3 4.0 45.2 (32.0) 13.2 41.3 The Group's share of the turnover and net assets in joint ventures was as follows: Turnover Net assets/(liabilities) Class of business 2000 1999 2000 1999 £m £m £m £m Building 6.2 13.2 1.8 0.8 Capital Projects 77.6 65.9 15.5 15.5 Services - - - - Infrastructure Management 128.8 104.3 8.3 7.8 Private Finance 25.1 16.8 15.7 6.6 Internal trading (9.7) (6.4) - - 228.0 193.8 41.3 30.7 Geographical origin: UK 176.1 154.6 45.2 32.4 Europe 7.1 7.8 (2.5) (2.8) Other 44.8 31.4 (1.4) 1.1 228.0 193.8 41.3 30.7 The Group's share of the operating profit in joint ventures was as follows: 2000 1999 Class of Before Exceptional After After business Operating Exceptional Exceptional Exceptional Operating Operating Items Operating Items Items £m Items £m £m £m Building 1.8 - 1.8 2.9 Capital 0.9 - 0.9 (5.1) Projects Services - - - - Infrastructure 8.1 (2.0) 6.1 9.2 Management Private 5.0 - 5.0 4.3 Finance 15.8 (2.0) 13.8 11.3 Geographical origin: UK 15.0 (2.0) 13.0 14.7 Europe 0.7 - 0.7 (0.5) Other 0.1 - 0.1 (2.9) 15.8 (2.0) 13.8 11.3 2. Basis of Preparation The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 1999 and 2000. The statutory accounts for the financial year ended 31 December 2000 (which will contain comparative figures for the financial year ended 31 December 1999) will be delivered to the Registrar of Companies following the Company's next Annual General Meeting. The Auditors have reported on the statutory accounts for the financial year ended 31 December 2000 (which contain comparative figures for the financial year ended 31 December 1999); their report was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. 3. Foreign exchange translation Profits and losses of overseas companies, joint ventures and joint arrangements have been translated into sterling at the rates of exchange ruling at the year end. 4. Posting of statutory accounts to shareholders The Company's report and accounts will be posted to shareholders on 6 April 2001. From that date copies will be available from the Registered Office, Carillion plc, Birch Street, Wolverhampton, WV1 4HY.

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Carillion (CLLN)
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