Carillion shares have fallen 40 per cent after chief executive quit

Carillion shares have fallen 40 per cent after chief executive quit

Richard will stay with the group for up to one year to support the transition. The Wolverhampton-based firm has also been beset by ongoing low oil prices and by cuts in spending by governments.

Green added: "Richard Howson has stepped down as group chief executive and from the board with immediate effect and Keith Cochrane, previously our senior independent non-executive director, will take over as interim group chief executive, while a search is underway for a new group chief executive".

The board has now begun "a comprehensive review of the business and the capital structure, with all options to optimise value for the benefit of shareholders under consideration". But like other worldwide construction groups that have either sold or reduced their regional businesses, it has suffered from a construction spending slowdown that has accompanied two years of falling oil prices.

As part of that process, it said it had raised £12.8 million from the disposal of half of the economic interest in its Oman unit, Carillion Alawi.

Howson is departing as FTSE 250-listed Carillion said its overall 2017 performance is now expected to be below its previous expectations.

Carillion blamed "difficult" markets and withdrawals from certain territories, including Qatar, the Kingdom of Saudi Arabia and Egypt, for the hit to profits, but hedge funds have had doubts over the company's financial viability for some time.

USA bombers fly over Korean Peninsula after North Korea missile test
His administration made new arms sales to Taiwan, imposed sanctions on two Chinese citizens and a shipping company, and put China on a global human trafficking list.

The group warned annual pre-tax profits will fall short of the expected £179m ($230.9m) mark, while revenue is now forecast to be between £4.8bn and £5bn, compared with initial guidance for a £5.03bn figure.

In addition, a review of contracts by KPMG uncovered the need for an £845m "provision" for a number of projects.

Carillion hopes to raise £125m in the next year by exiting "non-core markets and geographies" and it hopes to save £80m by suspending dividends in 2017.

He said investors would fear a significant cash call could be on the horizon. It will only undertake future construction work "on a highly selective basis".

But it has failed to gain traction in most of the region's major economies, which still rely on traditional contract forms and competitive tenders to award major infrastructure projects.

Related News:

  • Dick's Sporting Goods Inc

    Dick's Sporting Goods Inc

    Big 5 Sporting Goods Corporation (NASDAQ:BGFV) went up to recover about 20.96% since recording its record low price of $9.59. The sporting goods retailer reported $0.54 EPS for the quarter, hitting the Thomson Reuters' consensus estimate of $0.54.
    Woman charged with animal cruelty for leaving dog in hot auto

    Woman charged with animal cruelty for leaving dog in hot auto

    A MA woman is facing animal cruelty charges after leaving her dog in a hot vehicle while she shopped. Daytona Beach police said in a report that the temperature inside the auto was more than 115 degrees.

    Bank of America Corporation (BAC) Short Interest Up 15.0% in June

    Bank of America Corporation (NYSE: BAC ) shares were trading higher by 0.49 percent ($0.12) at $24.83 a piece in Friday's session. Bessemer Group Inc. increased its position in shares of Bank of America Corporation by 1,925.1% in the fourth quarter.
  • 17 départements placés en vigilance orange — Orages et canicule

    17 départements placés en vigilance orange — Orages et canicule

    Ce record a été enregistré à Paris dimanche soir, alors que la ville était placée en vigilance orange pour cause d'orages . Ces orages se décalent progressivement vers l'est pendant la première partie de nuit.
    GST will help bring down inflation by 2 % : Revenue Secy

    GST will help bring down inflation by 2 % : Revenue Secy

    The Union government also said that the implementation of the GST was in public interest. Therefore, 12 percent GST rate had been provided for sanitary napkin.
    Iraqi army pushes to eliminate last IS pockets in Mosul

    Iraqi army pushes to eliminate last IS pockets in Mosul

    Stephen Townsend, the top USA commander in Iraq said in a recorded video from Baghdad following al-Abadi's statement. The more hard battle was the fight for western Mosul - with its narrow streets and tightly packed Old City.
  • BCCI wants to consult Kohli on new coach

    Ganguly, one of the most successful captains India have had, said however that Kohli had stayed completely away from the process. The team's next coach will get an initial contract of two years which means that he will be there at the time of 2019 World Cup.
    Fitting finish to first half for A's

    Fitting finish to first half for A's

    The Mariners (43-47) won for just the second time in their past 11 home games to split the four-game series with Oakland (39-50). Cruz, who's headed to the All-Star Game, hit his 17th home run, a two-run job that also gave him an A.L. -leading 70 RBIs.
    A Rising Gaming Market Will Lift NVDA Stock Higher — NVIDIA Corporation

    A Rising Gaming Market Will Lift NVDA Stock Higher — NVIDIA Corporation

    The insider Puri Ajay K sold $11.46 million. 53,458 shares were sold by Kress Colette, worth $5.63 million on Friday, March 17. Canaccord Genuity reaffirmed a "buy" rating on shares of NVIDIA Corporation in a research note on Saturday, June 3rd.
  • Uttar Pradesh budget presented, provides for Rs 36000 crore farm loan waiver

    Uttar Pradesh budget presented, provides for Rs 36000 crore farm loan waiver

    He said that the state government was working for development for all and to end poverty in the state were there priority. According to sources, the wifi services would be available to students from the current academic session.
    Study names Va. Beach among 'best-run cities', Norfolk among 'worst-run'

    Study names Va. Beach among 'best-run cities', Norfolk among 'worst-run'

    The finance website gathered data from 150 of the largest USA cities to reveal which among them were managed best. The best run city, according to the report, is Nampa, Idaho, while the worst is Washington, D.C.
    Babumoshai Bandookbaaz Trailer: Nawazuddin Siddiqui's Badass Avatar Will Surprise You!

    Babumoshai Bandookbaaz Trailer: Nawazuddin Siddiqui's Badass Avatar Will Surprise You!

    This one of the most anticipated film featuring Nawazuddin as the sharpshooter Babu is aiming for a 25th August release. In the movie Nawaz will be seen playing the role of a serial killer who loves to kill people and takes it as a passion.

Most liked

Singapore seeks public feedback on proposed Cybersecurity Bill
The proposed Bill will focus on cyber security while cybercrime will continue to be addressed in the CMCA. Vendors without a licence could be fined up to SIN$50,000 ($36,000) or imprisoned for up to two years.

Nelsan Ellis' Family Opens Up About Actor's Fatal Alcohol Addiction
He also featured alongside Viola Davis and Octavia Spencer in the film adaptation of Kathryn Stockett's novel The Help in 2011. During the withdrawal process, Ellis developed a blood infection, kidney failure, swollen liver, and falling blood pressure.

First case of Zika virus reported in Tamil Nadu's Krishnagiri district
The researchers showed that Zika virus may manipulate this process in the placenta to infect the developing foetus. The health officials chose to go public with the discovery to create more awareness about the virus .

'American Idol' Alum Haley Reinhart Arrested After Punching Bouncer
According to police , the 26-year-old Wheeling native was among a group of people who were asked to leave the bar around 2 a.m. The singer placed third on the 10th season of " American Idol " behind victor Scotty McCreery and runner-up Lauren Alaina.

Carl Ikeme Thanks Fans For Support, Vows To Fight Leukaemia
Obviously there were a lot of questions in his mind, and he was in very good spirits." he said, speaking to the Birmingham Mail. Ikeme progressed through Wolverhampton Wanderers' academy and made the first team squad in their 2003-04 Premier League season.

12833-acre fire 40 percent contained
In the afternoon, strong outflow winds from passing thunderstorms pushed the fire in numerous directions, making control hard . A Temporary Flight Restriction is in place for any aircraft not involved in firefighting operations, that includes drones.

Demi Lovato Thanks Her Fans In An Emotional Twitter Note
The star said her much needed break gave her more energy and inspiration to her song writing process. Her last album Confident was released on October 16, 2015.

PM removes whip from Devon MP over use of the 'n' word
Andrew Gwynne MP, Labour's co-national campaign co-ordinator, branded Ms Morris's comments "outrageous and totally unacceptable ". Although Ms Morris apologised within hours there was widespread condemnation and calls for the MP to be kicked out of Parliament.

Indian in USA pleads guilty of providing support to al-Qaeda
A leader of Al-Qaeda's Yemen branch, Awlaki is credited with inspiring hundreds of supporters to join the jihadist cause. A man who tried to put a hit out on a federal judge pleaded guilty to one charge for two different cases Monday morning.

HBO, George RR Martin to produce TV Series
In a genre often criticized for a lack diversity, Who Fears Death would be a rare entry that is nothing but diverse. Her father is Daib, a powerful sorcerer and the eye of Onlyesonwu's revenge for the injustices of her conception.

Murder Detectives Name Glasgow Shooting Victim
A murder investigation has been launched after a man died following a mass brawl near a children's playground in Glasgow . Police confirmed he had died and said a 25-year-old - also thought to have been shot - remained in a serious condition.

'American Horror Story' Season 7 Will Bring Back This Terrifying Character!
One of the most terrifying villains in American Horror Story's vault will be returning for its upcoming seventh season. Does Murphy's latest reveal make you more eager for the new season of "American Horror Story"?

Niall Horan announces solo gig at Dublin's Olympia Theatre
Tickets alone will NOT give you entry to the venue, you must check in as above to receive additional accreditation for entry. Any customer found to have exceeded the show's ticket limit will have their additional transactions cancelled.

Ambitious Everton gaining momentum on field, in boardroom
If I do that then (England manager) Gareth Southgate will have a decision to make whether he puts me back in the squad. I didn't want to play for another club in England other than Everton .

Trump renews love-in with China's Xi Jinping
The test was in response to North Korea's successful attempt to fire an intercontinental ballistic missile (ICBM) last week. The meeting was very friendly and lasted an hour and a half, and was only cut short by President Trump's departure schedule.