Costain keeps tendering as target markets spared cuts

Grant Prior 13 years ago
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Costain is continuing to thrive despite tough market conditions as its strategy of focusing on markets where investment is protected from the harshest spending cuts pays dividends.

The contractor confirmed in a trading statement today that its order book currently stands at £2.3bn with additional preferred bidder positions of over £400m.

As at the end of the first half, over £900m of revenue has been secured for 2011.

Costain said: “Against a backdrop of well-publicised uncertain market conditions, the Group has continued to implement its strategy successfully and has secured contracts from its blue chip customers in chosen sectors whose major spending plans are underpinned by strategic national needs, regulatory commitments or essential maintenance requirements.”

Tendering activity was described as “high” in the contractor’s targeted markets of infrastructure, environment and energy & process.

The latest contract win for the firm is an £80m joint venture with Hochtief to redevelop Reading Station for Network Rail.

Work will see five new platforms constructed at Reading, as well as a new footbridge linking platforms to new entrance buildings on the north and south side of the station.

Costain will announce interim results for the six months to 30 June 2011 on Thursday 25 August.

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