Financial watchdog opens investigation into struggling Carillion

Purvai Dua

Source: @Photoshot

Carillion fully cooperating with the FCA

Struggling construction group Carillion said this morning that it is being investigated by the financial watchdog over announcements that resulted in a 70 per cent plunge in the company’s share price and the departure of its chief executive.

In a statement today, the struggling construction company said the Financial Conduct Authority (FCA) “has commenced an investigation in connection with the timeliness and content of announcements made by Carillion between 7 December 2016 and 10 July 2017”.

Carillion also added that it is “cooperating fully with the FCA”.

The construction firm has had a difficult last year. In July, its shares plunged 39 per cent when it warned annual results would be “below management’s previous expectations” and wrote off £845m.

In September, Carillion replaced its chief executive Richard Howson and then wrote off an additional £200m.

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