Costain achieves record order book

UK-based contractor Costain has released its annual trading update for 2014, revealing a record order book of £3.5 billion (€4.4 billion).

The company said its performance during the past 12 months had been “in line with board-expectations”, boosted by delivering a series of significant contracts.

These have included work on National Rail’s electrification programme, the Highways Agency’s collaborative delivery framework on major road upgrades, and involvement in Southern Water’s £3 billion (€3.8 billion) AMP 6 investment programme managing services in the south of England.

In December, the company also completed a final waste facility for the Greater Manchester Waste Disposal Authority, which featured a series of 46 elements that had begun in 2007.

Its order book of £3.5 billion (€4.4 billion) compared to a figure of £3 billion (€3.8 billion) for the same period in 2013, with the company stating it had built long-term relationships with its core clients, which accounted for 90% of upcoming projects.

The company finished 2014 with a net cash position of more than £140 million (€178 million) - its full results will be released in March.

Andrew Wyllie, group chief executive, said, “We have finished the year with a record order book and strong net cash position, providing confidence and visibility for the future.”