DOCSLIB.ORG

Next Carillion?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Next Carillion? BY JOHN KINGHAM dividend hunter Who will be the next Carillion? For many dividend investors, the demise of Carillion was a disaster. Not only did their port- folios lose an important source of income, they also saw a permanent loss of capital. It's easy to see what went wrong with hindsight, and in the August 2017 issue of Master Investor I wrote about some of the key lessons from Carillion's collapse. Hindsight is a wonderful thing, but the problems with Carillion were not exactly hard to spot, even several years be- fore its eventual demise. So rather than do yet another Carillion post-mortem, I thought it would be more useful to apply a little foresight and look for companies with similar "red ľdjv%#zklfk#lqyhvwruv#pljkw#zdqw#wr#dyrlg#ru#jhw#rxw#ri1 There were four key lessons from so the similarities with Carillion are One problem with this business Carillion, so I'll be looking for four clear. The company has also had model is that these contracts are UHGȵDJV /DUJHFRQWUDFWV :HDN its problems, resulting in a recently W\SLFDOO\IRUDȴ[HGSHULRGRIVHYHUDO SURȴWDELOLW\ %LJ DFTXLVLWLRQV suspended dividend and a share years, and when the contract ends, High debts. price which has gone from over the associated revenues and prof- 700p a few years ago to around its disappear as well. This can make Interserve PLC 100p today. large contract-based businesses riskier than other businesses with • Share price: 123p With results like that, many dividend smaller and more frequent sales • Index: FTSE 250 investors will have already sold out. "wins" (such as companies selling • Market cap: £170 million However, I still think it's worth look- soap or toothpaste). ing at Interserve because it's a good Interserve is perhaps the most obvi- example of how these four risk fac- Another problem is that these con- ous "next Carillion", having been in tors can bring previously successful tracts can be very costly if they go the media spotlight shortly after Ca- companies to their knees. wrong. A good example of this is rillion's liquidation. Interserve's Glasgow "energy from Large contracts? YES waste" contract. In May 2016 the Like Carillion, Interserve operates in company announced that problems the cyclical Support Services sector. As a provider of cleaning, security, with the design, procurement and It mostly provides facilities man- construction and other services, LQVWDOODWLRQ RI D JDVLȴFDWLRQ SODQW agement and construction services Interserve needs to win large long- plus challenges with the supply to both public and private clients, WHUPFRQWUDFWVWRJHQHUDWHSURȴWV chain, would lead to overruns and 44 | ISSUE 35 – FEBRUARY 2018 Master Investor is a registered trademark of Master Investor Limited | www.masterinvestor.co.uk DIVIDEND HUNTER “INDUSTRY-WIDE SUICIDE BIDDING LEAVES MANY SUPPORT SERVICES COMPANIES WITH BARELY ACCEPTABLE LEVELS OF PROFITABILITY.” www.masterinvestor.co.uk | Master Investor is a registered trademark of Master Investor Limited ISSUE 35 – FEBRUARY 2018 | 45 DIVIDEND HUNTER organic growth with acquisitions". So with the goal of doubling earnings in mind, management went on a massive debt-fuelled acquisition spree. Between 2010 and 2014, the company spent about £430 million in cash ac- quiring other businesses, including £250 million (in cash and shares) for Initial Facilities, the facilities manage- ment business of Rentokil Initial PLC. Over the same period the company JHQHUDWHG SRVWWD[ SURȴWV RI DERXW £210 million, or less than half the amount it spent on acquisitions. That ZDVDVHULRXVUHGȵDJDFFRUGLQJWRP\ acquisition rule: ACQUISITION RULE: Only invest in a company if it spent less on acquisi- tions over the last ten years than it PDGHLQDGMXVWHGSRVWWD[SURȴWV averaging just 7.7% over the last dec- Why might this make Interserve the ade. With the FTSE All-Share returning next Carillion? Because a) companies “THE about 7% per year over the long-term, being acquired don't exactly shout Interserve's rate of return is not exactly about their problems from the rooftop; SIMILARITIES impressive, although it did just about b) acquisitions add complexity and can WITH CARILLION PHHWP\SURȴWDELOLW\UXOH distract the acquirer from their own (often weak) core business; and c) ac- ARE CLEAR.” PROFITABILITY RULE: Only invest in quirers often overpay because of over- a company if its ten-year average optimistic beliefs about synergies, cost return on capital employed is above VDYLQJVDQGRWKHUSRWHQWLDOEHQHȴWV delays with an expected cost of £70 7% million. In February 2017 that expected cost was increased to £160 million and In terms of Interserve being the next today it stands closer to £200 million. &DULOOLRQZHDNSURȴWDELOLW\LVDVLJQRI To put that in context, Interserve's av- weak or non-existent competitive ad- HUDJHQHWSURȴWRYHUWKHSDVWGHFDGH vantages. Companies with weak com- has been £40 million to £50 million per petitive advantages are vulnerable to year. industry downturns because they have little or no pricing power. They must :HDNSURȴWDELOLW\"<(6 undercut the suicide bidders and hope that somehow they can still eke out a Yet another problem with large con- SURȴW7KDWLVQRWDJRRGSRVLWLRQWREH tracts is that they tend to attract "sui- in. cide bidders" – i.e. companies who will bid for a contract at a price which is Big acquisitions? YES almost certain to produce a loss, just High debts? YES VR WKDW WKHLU VWD΍ KDYH VRPHWKLQJ WR When a company wants to grow but do. This may seem daft, but it's usually cannot grow its core business, one With £430 million spent on acquisitions EHWWHU WKDQ KDYLQJ VNLOOHG VWD΍ VLWWLQJ easy way to boost short-term growth is between 2010 and 2014 and total prof- around doing nothing. It's also better to acquire other companies, and that's its in that time of £210 million, it was WKDQ OD\LQJ WKHP R΍ RQO\ WR KDYH WR exactly what Interserve set out to do in always going to be hard for Interserve re-hire them at a later date (assuming 2010. to pay for that lot using spare cash they haven't found a better job with a WKURZQ R΍ IURP LWV H[LVWLQJ EXVLQHVV competitor). In that year's annual results, the com- The answer, of course, was to borrow pany announced its intention to dou- the money instead. Industry-wide suicide bidding leaves ble earnings per share, from 40p to many support services companies with 80p, by 2015. The results also stated The bulk of those borrowings came in EDUHO\DFFHSWDEOHOHYHOVRISURȴWDELOLW\ that the company's then-reasonable 2013 and 2014, when the company's ΖQWHUVHUYH ȴWV WKDW GHVFULSWLRQ ZLWK borrowings of £121 million gave it total borrowings went from £50 million post-tax return on capital employed WKH ȴQDQFLDO VWUHQJWK WR VXSSOHPHQW to £370 million. That debt expansion 46 | ISSUE 35 – FEBRUARY 2018 Master Investor is a registered trademark of Master Investor Limited | www.masterinvestor.co.uk DIVIDEND HUNTER took the company's borrowings from G4S PLC enough security personnel and, at the just over one-times its then-average last minute, thousands of troops had SURȴWVRIDERXWePLOOLRQWRDOPRVW • Share price: 291p to be brought in to make up the num- WHQWLPHV 7KDW ZDV DQRWKHU UHG ȵDJ • Index: FTSE 250 bers. As a result, the CEO and other according to my debt rule: • Market cap: £170 million senior management lost their jobs and the company lost around £90 million DEBT RULE: Only invest in a cyclical G4S is another company operating in on the contract. company if its total borrowings are the Support Services sector. It's the OHVVWKDQIRXUWLPHVLWVȴYH\HDUDY - world's leading security services com- This is precisely why large con- HUDJHDGMXVWHGSRVWWD[SURȴWV pany, born from the merger of Securi- tract-based businesses are risky and cor and Group 4 in 2004. It's a company why they should be treated with care. By that standard, Interserve had gone that only seems to make the headlines G4S makes around £200 million per from prudent to reckless in just a cou- when things go wrong, such as Group \HDU LQ SRVWWD[ SURȴWV DQG LW ORVW ple of years. In fact, things have be- 4's problems with escaping prisoners around £90 million from a single con- come considerably worse since 2014, in the 1990s or G4S's failure to provide tract. And of course, the long-term with the company's debts ballooning enough security personnel during the damage to its reputation may be far to more than £460 million (and po- 2012 Olympics. more serious than the short-term tentially much more in the soon to be damage to its bottom line. released 2017 results), which is more Large contracts? YES than ten-times its latest average prof- :HDNSURȴWDELOLW\"<(6 its. Exactly why institutional investors *6HDUQVLWVSURȴWVE\SURYLGLQJVHFX - VLJQHG R΍ RQ DOO WKLV LV EH\RQG PH Ζ rity services (such as security personnel The average post-tax return on capital guess they get paid either way). or security systems and technology) to employed across all 220 companies clients through sometimes large and on my stock screen is 11% and, as I've And it gets worse. On top of that £460 long-term contracts. I've already out- already mentioned, the long-term ex- million (or more) debt-pile, Interserve lined the potential problems with this pected return of the FTSE All-Share is has a pension obligation of more than business model, so rather than go over about 7% per year. £1,000 million. That is a literally unbe- them again let's have a look at what OLHYDEOHȴQDQFLDOREOLJDWLRQIRUDFRP - happens when things go wrong. How does G4S compare to those pany that makes barely £50 million or benchmarks? Not too well. Over the so each year. It's also yet another red Remember the London Olympics last decade its return on capital em- ȵDJDFFRUGLQJWRP\SHQVLRQUXOH LQ " $V RɝFLDO VHFXULW\ VHUYLFHV ployed has averaged just 5%, which is provider for the games, G4S was in a very unimpressive.
Load more

Recommended publications
  • May CARG 2020.Pdf
    ISSUE 30 – MAY 2020 ISSUE 30 – MAY ISSUE 29 – FEBRUARY 2020 Promoting positive mental health in teenagers and those who support them through the provision of mental health education, resilience strategies and early intervention What we offer Calm Harm is an Clear Fear is an app to Head Ed is a library stem4 offers mental stem4’s website is app to help young help children & young of mental health health conferences a comprehensive people manage the people manage the educational videos for students, parents, and clinically urge to self-harm symptoms of anxiety for use in schools education & health informed resource professionals www.stem4.org.uk Registered Charity No 1144506 Any individuals depicted in our images are models and used solely for illustrative purposes. We all know of young people, whether employees, family or friends, who are struggling in some way with mental health issues; at ARL, we are so very pleased to support the vital work of stem4: early intervention really can make a difference to young lives. Please help in any way that you can. ADVISER RANKINGS – CORPORATE ADVISERS RANKINGS GUIDE MAY 2020 | Q2 | ISSUE 30 All rights reserved. No part of this publication may be reproduced or transmitted The Corporate Advisers Rankings Guide is available to UK subscribers at £180 per in any form or by any means (including photocopying or recording) without the annum for four updated editions, including postage and packaging. A PDF version written permission of the copyright holder except in accordance with the provision is also available at £360 + VAT. of copyright Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency, Barnard’s Inn, 86 Fetter Lane, London, EC4A To appear in the Rankings Guide or for subscription details, please contact us 1EN.
    [Show full text]
  • City-REDI Policy Briefing Series
    City-REDI Policy Briefing Series March Image Image 2018 Part B Carillion’s Collapse: Consequences Dr Amir Qamar & Professor Simon Collinson Carillion, the second-largest construction firm in the UK, were proud of their commitment to support regional growth and small-scale suppliers. As part of this commitment they directed 60% of project expenditure to local economies. Following the collapse of the firm, this positive multiplier effect became a significant, negative multiplier effect, particularly damaging to small-scale suppliers in the construction industry. The aim of this policy brief is to examine the consequences of Carillion’s demise, many of which are only now surfacing. One of the fundamental lessons that we can learn from Carillion’s collapse is about these ‘contagion’ effects. As we saw in the 2008 financial crisis, the businesses that underpin the economic health of the country are connected and strongly co-dependent. When a large flagship firm falls it brings down others. This does not mean we need more state intervention. But it does mean we need more intelligent state intervention. One of the fundamental lessons that the Government can learn from the Carillion episode is that it has a significant responsibility as a key customer, using public sector funds for public sector projects, to monitor the health of firms and assess the risks prior to issuing PPI and other contracts. 1 Introduction The collapse of Carillion, the second-largest construction firm in the UK, has had a significant, negative knock-on effect, particularly on small-scale suppliers in the industry. In total, Carillion was comprised of 326 subsidiaries, of which 199 were in the UK.
    [Show full text]
  • Structural Steel Design Awards 2014
    Structural Steel Design Awards 2014 Sponsored by: The British Constructional Steelwork Association Ltd and Tata Steel SSDA 2014 SPONSORS The British Constructional Steelwork Association Ltd 4 Whitehall Court, Westminster, Tata Steel London SW1A 2ES PO Box 1, Brigg Road, Scunthorpe, North Lincolnshire DN16 1BP Tel: 020 7747 8121 Fax: 020 7747 8199 Tel: 01724 405060 Email: [email protected] Email: [email protected] Website: www.steelconstruction.org Website: www.tatasteelconstruction.com INTRODUCTION In this challenging environment we see, yet again, The judges have been particularly impressed an outstanding set of projects for this year’s with the sense of boldness and innovation that Structural Steel Design Awards scheme. has been applied to all of the projects, as the teams search for different ideas and approaches The spread of projects on the selected shortlist in order to achieve the optimum solution for the of 12, reflects the broad appeal of steelwork in client, the public and society. construction, both geographically and in types of sector. This year the projects cover an array of The projects, particularly the winners, will prove jobs, from horses heads to a Walkie Talkie, as inspirational as we move forward into a well as an imaginative house, a heavy railway better climate and environment for the viaduct, a school, an arena, a leisure centre, industry. As always, the Structural Steel Design a hotel, a visitor centre and various bridges and Awards scheme provides a showcase for transport facilities.
    [Show full text]
  • Carillion's Collapse
    City-REDI Policy Briefing Series March Image Image 2018 Part A Carillion’s Collapse: Cause Dr Amir Qamar & Professor Simon Collinson Racing to secure bids over rival construction companies, Carillion, the second-largest construction firm in the UK, hit a financial tipping point, lost the backing of the banks and collapsed. Its aggressive growth strategy and the diversification of its business portfolio increased the complexity of its internal structure. Coupled with poor oversight of its day-to-day operations, over-runs on flagship projects and an unclear corporate governance structure, the firm acquired debts of £1.5bn. One may argue that the demise of the construction giant was an inevitable outcome. The aim of this policy brief is to provide insights into the cause of Carillion’s financial meltdown and outline lessons for managers, shareholders, stakeholders and government from the closure of this construction giant. 1 Introduction With business roots tracing back to over a century ago, as of 2018, Carillion grew to employ 43,000 employees globally and 19,000 in the UK (about 2,000 in the West Midlands). Carillion was second only to Balfour Beatty in terms of turnover. The firm seemed to be performing, with consistent growth in revenues in recent years. The 2016- 2017 financial year was in fact, exceptional, with Carillion reporting £5.2bn in revenue; 14% higher than the preceding year. The fate of this construction giant, however, took a drastic turn in 2017 which ultimately resulted in the closure of the business in 2018, marking a historical year for the UK construction industry.
    [Show full text]
  • How to Improve Service Delivery and Drive Margin Growth Through Digital Disruption
    Microsoft Future Decoded How to improve service delivery and drive margin growth through digital disruption 01/11/2018 1 Digital disruption in FM Some of our clients 2 Digital disruption in FM Facilities Management in numbers The facilities management market was valued at £19.3bn in 2016 and will pass £21bn in 2020. Facilities management is responsible for as much as 8% of the UK’s gross domestic product (GDP). The sector employs up to 10% of the country’s workforce. The UK facilities management market is regarded as the ‘most mature and competitive in Europe’. i-FM Trends and Opportunities Report 2018 BIFM 3 Digital disruption in FM Facilities Management: an industry in flux The industry is facing a wide array of challenges, Market cap for the top 5 UK-based FM players has including: declined dramatically over the last 3 years • Dramatic drop in market cap • Carillion collapse • Capita profit warnings • Interserve financial difficulties • Political sensitivity around public sector outsourcing • Brexit uncertainties Mitie recognised two years ago that to avoid these risks it needed to transform its business, and digital transformation would be a core component. 4 Digital disruption in FM What does digital transformation mean for Mitie? • Creating additional value • Drive growth • Help our people work better and smarter 5 Digital disruption in FM Mitie security: a proof case for tech adoption 6 Digital disruption in FM Digital transformation challenges and solutions 7 Digital disruption in FM How are we approaching our transformation? 8 Digital disruption in FM The impact of IoT on FM Security & Surveillance Forrester reports that with Supply chain mgmt Energy Management – a Inventory & warehouse subset of FM – IoT is set to have a greater impact on FM Order tracking in more industries than any FACILITIES MANAGEMENT other business activity.
    [Show full text]
  • Annual Report 2013 Berkeley Group Annual Report 2012
    SPINE BACK COVER 8.5mm FRONT COVER Annual Report 2013 Berkeley Group Berkeley Group Annual Report 2012 Annual Report The Berkeley Group Holdings plc Berkeley House 19 Portsmouth Road Cobham Surrey KT11 1JG UK T +44 (0)1932 868555 F +44 (0)1932 868 667 www.berkeleygroup.co.uk Design by Hunter Design Printed in England by Crystal This report is printed on EBB Chromomat Our vision for the future 9597_001_RA_2013_Cover_AW.indd 1-3 22/07/2013 14:37 SPINE 8.5mm SPINE INSIDE FRONT 8.5mm INSIDE BACK CONTENTS Highlights Financials About this report 1 Who We Are and What We Do 86 Independent Auditors’ report on the Welcome to the Annual Report of The 2 Business Performance consolidated financial statements Berkeley Group Holdings plc (“the Berkeley 3 Chairman’s Statement 87 Consolidated income statement Group” or “Berkeley”), a publicly owned 4 Running a Sustainable Business Consolidated statement of company, listed on the London Stock 5 Managing Director’s Statement comprehensive income Exchange within the FTSE 250. In this 88 Consolidated statement of report, we give an overview of Berkeley’s Building Homes for Everyone financial position performance this year in the Highlights 89 Consolidated statement of changes section followed by a showcase of our 6 Building Homes for Everyone in equity portfolio of developments in London and 90 Consolidated cash flow statement Running a Sustainable Business the South of England in Building Homes for 91 Notes to the consolidated financial Everyone, before explaining how we operate 22 Running a Sustainable Business statements in Running a Sustainable Business and a 110 Independent Auditors’ report on review of the year in our Trading and Financial Trading And Financial Review the Company financial statements Review.
    [Show full text]
  • Report: Extension of the Mitie (Interserve) Facilities Contract , Item
    Item No. Classification: Date: Meeting Name: 19. Open 9 March 2021 Cabinet Report title: Extension of the Mitie FM Ltd (Interserve) Facilities Management Contract Ward(s) or groups All affected: Cabinet Member: Councillor Rebecca Lury, Finance, Business and Jobs FOREWORD – COUNCILLOR REBECCA LURY, CABINET MEMBER FOR FINANCE, BUSINESS AND JOBS In light of the decision to re-introduce a gateway 1 report, we are proposing the extension to the existing contract to cover the interim period to ensure that we have suitable facilities management services across our council estate. RECOMMENDATIONS 1. That Cabinet approves the variation to extend the term (and agree associated changes noted in this report) of the consolidated facilities management (FM) contract with Mitie FM Limited (Mitie) (previously known as Interserve (Facilities Management) Limited (Interserve) as outlined in paragraph 8, for a period of up to 18 months, from 01 April 2021 to 30 September 2022, at an estimated total cost of £16m. 2. That Cabinet notes that from the contract start date 1 February 2013 to 30 September 2022 the estimated total contract value would be £79m. 3. That Cabinet notes that a three month break clause will be sought as part of the variation to allow for an earlier end to the contract if required, as further detailed in paragraph 14. BACKGROUND INFORMATION 4. Following a competitive procurement exercise using the Government Procurement Service (GPS) RM798 Framework Agreement, Interserve FM were awarded a contract to provide consolidated facilities management services for the council’s headquarters at 160 Tooley Street and other council properties under the contract.
    [Show full text]
  • Mitie Group Plc the UK’S Leading Facilities Management Business
    Mitie Group plc The UK’s leading Facilities Management business Analyst Presentation FY 17/18 7 June 2018 The exceptional, every day Mitie Group plc | The exceptional, every day 1 Disclaimer This announcement contains forward-looking statements. Such statements do not relate strictly to historical facts and can be identified by the use of words such as 'anticipate', 'expect', 'intend', 'will', 'project', 'plan', and 'believe' and other words of similar meaning in connection with any discussion of future events. These statements are made by the Directors of Mitie in good faith based on the information available to them as at 7 June 2018 and will not be updated during the year. These statements, by their nature, involve risk and uncertainty because they relate to, and depend upon, events that may or may not occur in the future. Actual events may differ materially from those expressed or implied in this announcement and accordingly all such statements should be treated with caution. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Mitie is under no obligation to update or keep current the forward- looking statements contained in this announcement or to correct any inaccuracies which may become apparent in such forward-looking statements. This announcement contains insider information. Mitie Group plc | The exceptional, every day 2 Agenda FY 17/18 Strategic & Operational Review: Phil Bentley, CEO FY 17/18 Financial Review: Paul Woolf, CFO Outlook: Phil Bentley, CEO Q&A Mitie Group plc | The
    [Show full text]
  • Annual Report 2014 Berkeley Annual Report 2014 Berkeley Annual Report 2014 Strategic Report
    ANNUAL REPORT 2014 BERKELEY ANNUAL REPORT 2014 BERKELEY ANNUAL REPORT 2014 STRATEGIC REPORT STRATEGIC ABOUT THIS REPORT STRATEGIC REPORT FINANCIALS Welcome to the Annual Report of The Berkeley Business model 4 Independent Auditors’ report on the Group Holdings plc (“the Berkeley Group” or Performance highlights 5 consolidated financial statements 86 THE BERKELEY “Berkeley”), a publicly owned company, listed Chairman’s statement 6 Consolidated income statement 89 on the London Stock Exchange within the FTSE Managing Director’s statement 7 Consolidated statement of 250. The Strategic Report explains Berkeley’s What we do 10 comprehensive income 89 strategy, business model, performance and Where we operate 16 Consolidated statement of GROUP outlook. The Governance section covers the How we operate: managing risk 20 financial position 90 role and activities of the Board in running the How we operate: Our Vision 27 Consolidated statement of business and their remuneration. The detailed Trading and financial review and outlook 38 changes in equity 91 Financials, accompanied by a report from the Consolidated cash flow statement 92 Group’s auditors, complete the Annual Report. GOVERNANCE Notes to the consolidated financial statements 93 Berkeley builds homes and neighbourhoods Board of Directors 48 Company balance sheet 115 Corporate governance report 50 Notes to the Company in its core markets of London and the Audit Committee report 54 financial statements 116 Directors’ remuneration report 56 Five year summary and definitions 120 South of England. Its knowledge, expertise Directors’ report 81 Shareholder information 121 and proven track record, with over thirty years of experience in this market, gives it an unrivalled ability to deliver new homes and communities.
    [Show full text]
  • Acquisition Circular
    THIS DOCUMENT AND ANY ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANY DOUBT AS TO WHAT ACTION YOU SHOULD TAKE, YOU ARE RECOMMENDED TO SEEK YOUR OWN PERSONAL FINANCIAL ADVICE IMMEDIATELY FROM YOUR STOCKBROKER, BANK, SOLICITOR, ACCOUNTANT, FUND MANAGER OR OTHER APPROPRIATE INDEPENDENT FINANCIAL ADVISER, WHO IS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (THE “FSMA”) IF YOU ARE RESIDENT IN THE UNITED KINGDOM OR, IF NOT, FROM ANOTHER APPROPRIATELY AUTHORISED INDEPENDENT FINANCIAL ADVISER. This document comprises: (i) a circular prepared in accordance with the Listing Rules of the Financial Conduct Authority (the “FCA”) made under section 73A of the FSMA for the purposes of the General Meeting convened pursuant to the Notice of General Meeting set out in Part XVIII of this document; and (ii) a prospectus relating to Mitie Group plc (the “Company”) prepared in accordance with the prospectus regulation rules of the FCA made under section 73A of the FSMA (the “Prospectus Regulation Rules”). This document has been approved by the FCA in accordance with section 87A of the FSMA, will be made available to the public and has been filed with the FCA in accordance with the Prospectus Regulation Rules. This document together with the documents incorporated into it by reference (as set out in Part XVI of this document) will be made available to the public in accordance with Rule 3.2 of the Prospectus Regulation Rules by the same being made available, free of charge, at https://www.mitie.com/investors/ and at the Company’s registered office at 35 Duchess Road, Rutherglen, Glasgow G73 1AU.
    [Show full text]
  • After Carillion: Public Sector Outsourcing and Contracting
    House of Commons Public Administration and Constitutional Affairs Committee After Carillion: Public sector outsourcing and contracting Seventh Report of Session 2017–19 Report, together with formal minutes relating to the report Ordered by the House of Commons to be printed 3 July 2018 HC 748 Published on 9 July 2018 by authority of the House of Commons Public Administration and Constitutional Affairs The Public Administration and Constitutional Affairs Committee is appointed by the House of Commons to examine the reports of the Parliamentary Commissioner for Administration and the Health Service Commissioner for England, which are laid before this House, and matters in connection therewith; to consider matters relating to the quality and standards of administration provided by civil service departments, and other matters relating to the civil service; and to consider constitutional affairs. Current membership Sir Bernard Jenkin MP (Conservative, Harwich and North Essex) (Chair) Ronnie Cowan MP (Scottish National Party, Inverclyde) Paul Flynn MP (Labour, Newport West) Mr Marcus Fysh MP (Conservative, Yeovil) Dame Cheryl Gillan MP (Conservative, Chesham and Amersham) Kelvin Hopkins MP (Independent, Luton North) Dr Rupa Huq MP (Labour, Ealing Central and Acton) Mr David Jones MP (Conservative, Clwyd West) Sandy Martin MP (Labour, Ipswich) David Morris MP (Conservative, Morecambe and Lunesdale) Tulip Siddiq MP (Labour, Hampstead and Kilburn) Powers The committee is a select committee, the powers of which are set out in House of Commons Standing Orders, principally in SO No 146. These are available on the internet via www.parliament.uk. Publication Committee reports are published on the Committee’s website at www.parliament.uk/pacac and in print by Order of the House.
    [Show full text]
  • Kier Group Results for the Year Ended 30 June 2017
    Kier Group Results for the year ended 30 June 2017 21 September 2017 Kier Group plc – Full Year results for the year ended 30 June 2017 1 Disclaimer No representation or warranty, expressed or implied, is made or given by or on behalf of Kier Group plc (the “Company” and, together with its subsidiaries and subsidiary undertakings, the “Group”) or any of its directors or any other person as to the accuracy, completeness or fairness of the information contained in this presentation and no responsibility or liability is accepted for any such information. This presentation does not constitute an offer of securities by the Company and no investment decision or transaction in the securities of the Company should be made on the basis of the information contained in this presentation. This presentation contains certain information which the Company’s management believes is required to understand the performance of the Group. However, not all of the information in this presentation has been audited. Further, this presentation includes or implies statements or information that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may use forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should". By their nature, forward-looking statements involve risks and uncertainties and recipients are cautioned that any such forward-looking statements are not guarantees of future performance. The Company's or the Group’s actual results and performance may differ materially from the impression created by the forward-looking statements or any other information in this presentation. The Company undertakes no obligation to update or revise any information contained in this presentation, except as may be required by applicable law and regulation.
    [Show full text]