Construction firm Carillion under investigation by financial watchdog

The company said that it was cooperating fully with the FCA

de by CarThe investigation relates to the timeliness and content of announcements maillion between early December 2016 and July 2017 (Reuters)

Troubled construction firm Carillion has announced that it is being investigated by the financial watchdog.

In a short statement on Wednesdaymorning, Carillion said that the Financial Conduct Authority had commenced the investigation in connection with the timeliness and content of announcements it had made between early December 2016 and July 2017.

The company said that it was “cooperating fully with the FCA” but didn't provide any further details.

The FCA declined to provide further comment when contacted by The Independent.

During the time period to which the investigation related, Carillion published a full-year trading update, its result for 2016, a statement on its annual general meeting and a trading update on the first half of 2017.

On 10 July it published a statement announcing that chief executive, Richard Howson, was to step down and be replaced by Keith Cochrane on an interim basis. On the same day it also announced a review of its business, that it was suspending its dividend and that it expected corporate performance to undershoot management expectations.

Carillion has endured a rollercoaster ride in recent years, as a result of major project delays and a challenging overall market. Back in November, it issued a profit warning – its third in the space of five months – and shares have fallen by around 90 per cent over the last year.

On Wednesday they ended the session down more than 5 per cent on the London Stock Exchange.