Carillion wins contracts with Network Rail
TROUBLED INFRASTRUCTURE giant Carillion has won two contracts with Network Rail to upgrade infrastructure in the Midlands.
The company said the first will see it spruce up existing track and infrastructure on the route from London to Corby, which will generate £62m of revenue.
A separate deal through Carillion Powerlines, a joint venture firm, will see work undertaken to complete the electrification of the same route. This contract is expected to generate £260m of revenue over the next three years.
Carillion, which has about 43,000 staff worldwide, has been thrown into crisis since a July trading update sent shares tumbling by more than 70 per cent in one week.
Earlier this year, the firm also revealed mammoth half-year losses totalling £1.15bn, having been dragged down by a series of restructuring charges.
The profit warning saw former boss Richard Howson step down, with Carillion announcing recently that Andrew Davies is to take the hot seat in April.
Mr Davies is currently the chief executive of Wates Group, where he has held the role since 2014.
Since Mr Howson’s departure, Keith Cochrane has been interim chief executive and has overseen a refinancing and the sale of nonperforming assets.