Costain remains on target

UK contractor Costain has increased its order book and expects to deliver full-year results in line with expectations, according to a trading update.

The update was for the year ended 31 December, 2015, ahead of its full year results on 2 March, 2016. Costain said that since it revealed its interim results last August, it had “continued to perform well and expects to deliver full-year results in line with expectations”.

It said the group’s blue-chip customers continued to invest in upgrading and renewing the UK’s energy, water and transportation infrastructures and, as a result, Costain had continued to be awarded large scale contracts and contract extensions requiring a range of integrated services.

The group’s order book had increased, it said, finishing the year at a new record level of £3.9 billion (€5.24 billion) compared to £3.5 billion (€4.70 billion) at 31 December, 2014. The latest figure includes over £1.1 billion (€1.48 billion) of revenues secured for 2016. The comparable figure at 31 December, 2014, was more than £1.0 billion (€1.34 billion) secured for 2015.

Over 90% of the order book comprised repeat business, it said.

Costain said its order book also provided £2.8 billion (€3.76 billion) of revenues secured for 2017 and beyond.