Costain boasts order book rise to £2.5bn

Aaron Morby 13 years ago
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Costain has started 2012 with an order book ahead of last year and a cash pot of more than £100m.

The firm said a series of big contract wins last year had put it in a strong position for what is widely viewed as a tough year ahead for contractors.

In a New Year trading statement, the firm said orders were ahead nearly 5% compared with last year at £2.5bn.

More than £650m of work was secured for 2012 and over £1.8bn of revenue secured for 2013 and beyond.

The contractor, which in 2010 topped the £1bn annual turnover mark, said it had strong preferred bidder positions on around £400m of planned jobs.

    Big orders for 2012 and 2013

  • London Bridge Station redevelopment for Network Rail
  • Crossrail Paddington Station and advanced works at Crossrail Bond Street
  • A465 Heads of the Valleys road for the Welsh Government
  • Contracts for Northumbrian Water AMP5 and Severn Trent
  • Energy Technologies Institute (ETI) development of carbon capture technology
  • Decommissioning contract at Trawsfynydd nuclear site

Costain has also boosted its contract bonding and banking facilities by £30m to £465m and extended them to September 2015, putting it in a strong position for further bolt-on acquisitions.

Andrew Wyllie, Chief Executive, said: “We have continued to benefit throughout this year from the implementation of our ‘Choosing Costain’ strategy, which has been to focus on blue chip customers in chosen sectors whose major spending plans are underpinned by strategic national needs, regulatory commitments or essential maintenance requirements.”

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