Costain confident of year ahead as order book hits record high

Grant Prior 5 months ago
Share

Costain has kicked-off the New Year with a positive trading update to the City.

The contractor confirmed results are due to be in line with expectations as it revealed a record order book of £4.2bn.

The update comes ahead of results for the year ended 31 December 2018 which are due on March 6.

Costain said it made “further progress on its strategy of transforming Costain into the UK’s leading smart infrastructure solutions company.”

It added: “Costain is differentiating itself through its long-term strategic relationships and integrated technology-enabled services necessitated by the increasingly complex and fast-changing nature of its clients’ requirements.

“The Group continues to be involved in a number of major regulatory-driven procurement processes.”

Costain finished last year with an order book at a record level of £4.2bn compared to £3.9bn last time.

It said  target clients “are consolidating their supply chains to deliver increasingly large, multi-billion pound investment programmes underpinned by regulatory commitments.”

Costain is also preferred bidder on £600m worth of work compared to £400m last time.


Costain finished the year with a net cash position of over £110m which was down on the previous year’s figure of £177.7m.

Throughout the year the group had a positive net cash position with an average month-end net cash balance of £77m down from £96.7m.

Andrew Wyllie, chief executive, said: “This has been another year of progress for Costain.

“The benefits of our integrated offering, long-term strategic relationships with our clients and strong balance sheet position us well for the future and the significant opportunity we see across our rapidly-changing end markets.”

Latest news

Shaylor files notice of intent to appoint administrator

Subcontractors walk off sites as Midlands contractor seeks extra finance
2 days ago

Bidders day for £900m Heathrow rail tunnel project

Planned 6.5km rail link between the Great Western Main Line and London Heathrow Airport
2 days ago

Grenfell: 75% of unsafe blocks still to be reclad

Owners of 328 high rise blocks still need to complete remediation
2 days ago

Building products firm Alumasc issues profit warning

Problems at Levolux division cast shadow over upcoming results
2 days ago

Wooden football stadium plan rejected

Council rejects Forest Green Rovers plan for Zaha Hadid designed new ground
3 days ago

Flannery Plant Hire spends £30m on Cat machines

Huge deal signed at Plantworx exhibition
2 days ago

Boost your online presence – join the Enquirer Directory

Site for suppliers and buyers showcases products, services and latest stories
1 year ago

£1bn Stratford East Bank scheme clears final planning

Cultural and education centre in Olympic Park ready to go
3 days ago

Ringway wins £420m road maintenance deal

Highways England East Region contract could last 15 years
3 days ago

Hammerson unveils new Birmingham city quarter plan

1,300 homes and 1.4m sq ft of workspace planned for Martineau Galleries site
3 days ago

Planning row sees roads blocked on Persimmon site

Council blocks construction traffic to housing site
3 days ago

Tolent lands £84.5m Durham Milburngate contract

Contractor bags one of its biggest ever deals with main construction work set to start shortly
4 days ago

Government commits to net zero carbon by 2050

Industry must quickly rise to the challenge of improving the existing building stock
4 days ago

Extra week to put forward your favourite construction firms

Construction Enquirer Awards deadline extended: Enter online now
6 days ago

Wates ramps up FM offering with new business

Wates FM will target public sector work and wider spectrum of private clients
4 days ago

Worker killed by remote-controlled crane

Lift goes fatally wrong on National Grid site
4 days ago

Lendlease to start Manchester Potato Wharf phase 2

Castlefield scheme consists of two eight storey blocks
4 days ago

Wood drafted in for Hinkley Point C technical services

New Hinkley technical support deal to improve project delivery and commercial performance
4 days ago

Post Brexit skills shortages to push up tender prices by 4%

Consultant Arcadis predicts cost inflation rise in 2022
4 days ago

Robertson shuts “umbrella” employment on housing job

Workers moved back onto PAYE following union complaints over construction charter breach
5 days ago

Truro and Woking secure £142m for housing infrastructure

Local authorities secure cash to improve roads and access to housing land
5 days ago

Kier axes plan to charge subcontractors to work with them

New chief executive drops 'pay to get paid' plan
5 days ago

Scaffolder killed in fall fitting guardrails on fragile roof

Fine and suspended jail sentence following site tragedy
5 days ago

Ardmore gets call on £85m Southwark Fire Station revamp

Contractor lands first scheme by JV of Goldman Sachs International and Urbanwise Developments
6 days ago

Amey raids Colas for highways team director

Colas Aviation and infrastructure boss will run Amey's 25-year Sheffield maintenance job
6 days ago

Crest Nicholson margins fall to 14%

House builder cuts private homes sales in shift to affordable and PRS housing
5 days ago

Gender equality in construction “will take nearly 200 years”

GMB union holds Hinkley site meeting as it reveals latest workforce analysis
5 days ago

B&K signs off £60m Preston UCLan student centre

Work to start this month on student centre and new civic square
6 days ago

165 tonnes of steel needed to fix botched Liverpool hospital

Laing O'Rourke to start structural work this month to repair former Carillion project
6 days ago

Kier pulls off contracts league double

Near £260m haul of orders secures May league pole position for group
6 days ago

Contractor services