July 17, 2017 / 6:27 AM / 6 months ago

Carillion picks accountants EY to help with strategic review

July 17 (Reuters) - Carillion has appointed accounting firm EY to support its strategic review, with a particular focus on cost cuts and cash collection, the crisis-hit British construction and support services firm said on Monday.

Carillion is reviewing “all options” after it booked an 845 million pound ($1.1 billion) writedown against customer payments it no longer expected to be able to collect. The company also issued a profit warning and announced the departure of its chief executive.

The company said it had identified a number of ways to reduce average net borrowing, including further cost efficiencies, an increased focus on managing working capital and on recoveries and cash collection.

“We are moving forward quickly ... Alongside our own efforts, EY will provide support across the business and bring an external perspective to our cost reduction and cash collection challenge,” interim CEO Keith Cochrane said in a statement. (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)

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