17 November 2017 | Martin Read
Shares in the construction and facilities services group Carillion sunk by as much as 30 per cent this morning as a result of a further profit warning and concerns that it was now likely to breach the debt covenants.
It is Carillion's third profit warning in a year, which seen the group's share value drop to as low as a tenth of its pre-2017 value.
In a fresh statement concerning its endeavours to address a precarious financial predicament, the group indicated that it is in discussions with stakeholders on "as broad range of options to further reduce net debt and repair and strengthen the group's balance sheet".
A further restructuring of the balance sheet is possible.
Interim chief executive Keith Cochran said: "Constructive dialogue is continuing with our financial stakeholders and I am grateful for their support. I remain focused on addressing this issue before my success, Andrew Davies, takes up the role (of chief executive) on 2 April 2018."