Both companies have been minimally impacted by the shock news Carillion had gone into administration.
Companies: Gattaca plc, Kinovo PLC
With the news earlier this week that Carillion (LON: CLLN), the UK's second-largest construction company had collapsed under the weight of its £1.5 bn debt pile, the impact was sure to be felt far and wide.
Only now is the true scale of the company's insolvency being realised by some, with most of the company's work outsourced and it employing over 43,000 people worldwide, 20,000 of these here in the UK.
Van Elle reported yesterday that it was owed £1.6m in outstanding debts, whilst it had penned in a further £2.5m from Carillion in its order book. It was a major contractor for much of Carillion's work for Network Rail and said the debt may not be recovered.
Engineering and technology recruiter Gattaca (LON: GATC) saw a dip in its share price yesterday but has reassured investors today, saying its impact will be minimal:
"Whilst Gattaca has outstanding debts from the Carillion group, the vast majority of these are insured by a leading credit insurer and, at this time, we estimate our uninsured balance sheet exposure to be less than £100,000. The impact of Carillion's liquidation on our balance sheet will, therefore, be minimal."
Its annual Revenue from Carillion was just £0.5m, compared to its reported £642m in Revenues last year. The stock corrected itself today and trades up 7% on yesterday's close price.
Bilby (LON: BILB) has also corrected itself this morning after its share price dropped yesterday.
Today's update from the building services, gas heating and electrical provider noted:
"The Group does not believe these recent developments will have any financial impact on Bilby's trading. As previously announced, Bilby currently has two contracts to provide building and support services for three of The Ministry of Defence regions. This work is carried out on behalf of CarillionAmey, a separate legal entity that operates independently of Carillion."
Amey will now take on all work provided by the Carillion/Amey joint venture.
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