The firm said that turnover in the first half of the year would be down on last year, with its trading divisions profits weighted towards the second half of the year.

Sales of PFI stakes are expected to help lift the firm’s first half performance, explained chairman Philip Rogerson.

“The group’s expectations for 2013 that were announced with our 2012 results remain unchanged, despite market conditions remaining challenging,” he added.

He added that Carillion has taken £1.6bn of new and probable orders in the year to date.

National Grid selected the firm as one of six framework contractors to deliver its £1.5bn sub-station construction programme over the next five years.

This follows Carillion’s appointment as one of four framework contractors that will support the National Grid’s £3.2bn programme to renew and refurbish high voltage overhead line cables over the next eight years.     

“As expected, revenue in the first half of 2013 is likely to be lower than in the corresponding period in 2012, primarily because the rescaling of our UK construction activities resulted in the group having a lower revenue run-rate.

Rogerson added: “However, having achieved this rescaling over the past two years by being selective in terms of the contracts for which we bid, we now have a higher quality UK construction business, which is targeting revenue growth consistent with our selective approach of focusing on national construction projects and long-term customers, in order to achieve our target margins.”