Revenues rise for Costain

UK contractor Costain has released its latest six-monthly figures which revealed a significant growth in its financial performance.

At £529.1 million (€660.6 million), revenues were up year-on-year against 2013’s performance of £462 million (€577 million), with underlying profit 5% also rising to £11.2 million (€13.9 million).

According to the company, it has also registered its highest level of forward orders, which are up 10% to £3.2 billion (€4 billion).This is against just under £3 billion (€3.75 billion) seen for the same period in 2013.

Its continued growth is reflected in a number of key upcoming schemes. This includes scheduled works on a £2 billion (€2.5 billion) Network Road National Electrification programme, Crossrail North East spur project, and energy schemes with the National Grid.

The company’s chairman, David Allvey, believed the company was on course to deliver a strong performance for the second half of the year.

He said: “We have delivered a strong performance in the first half of the year. As well as increases in revenue and underlying operating profit, our order book continued to grow and now stands at a record £3.2 billion (€4 billion).

“Costain has an established reputation for innovation that enables the Group to win large, long term contracts addressing the UK’s essential energy, water and transportation needs.”

He added: “The successful capital raise earlier this year is enabling us to take advantage of a growing number of opportunities to accelerate the group’s development.

“The company remains on course to deliver a result for the year in line with the board’s expectations.”