Costain Group PLC Trading Update (3788T)
05 January 2017 - 6:00PM
UK Regulatory
TIDMCOST
RNS Number : 3788T
Costain Group PLC
05 January 2017
Costain Group PLC
('Costain' or 'the Group')
Year End Trading Update
5 January 2017
Costain, the engineering solutions provider, is issuing a
trading update ahead of announcing results for the year ended 31
December 2016 on 1 March 2017.
Since the announcement of its interim results on 24 August 2016,
the Group has continued to perform well and expects to deliver
full-year results in line with the Board's expectations.
The Group's unique and focused 'Engineering Tomorrow' strategy
is successfully positioning the business to provide the range of
innovative integrated services demanded by its major customers who
are spending billions of pounds in the UK upgrading and renewing
the country's energy, water and transportation infrastructures.
As a consequence of its strong customer relationships, and its
engineering and technology-led solutions, Costain secured a number
of significant new orders and contract extensions in 2016. New
contract wins during the second half of the year included the High
Speed 2 South Enabling Works, the Area 14 Maintenance commission
for Highways England and the Peterborough and Huntingdon compressor
station upgrade for National Grid.
As a result, the Group's order book at the year-end was
maintained at the record level of GBP3.9 billion (31 December 2015:
GBP3.9 billion). The Group has increased its revenues secured for
2017 to over GBP1.2 billion (as at 31 December 2015: over GBP1.1
billion secured for 2016). In addition, Costain has a preferred
bidder position at over GBP500 million (31 December 2015: GBP500
million).
Reflecting the development and changing nature of the business,
the Group has a total headcount at the year-end of over 4,100,
which includes over 1,200 now in advisory, technology and design
service roles.
Following good cash generation towards the end of the period,
the Group finished the year with a strong net cash position of over
GBP100 million.
Andrew Wyllie CBE, Chief Executive, said:
"Costain has had another strong year. Our customers are
undertaking substantial investment addressing urgent national needs
and we are looking forward to the future with confidence."
Enquiries:
Costain Tel: 01628 842 444
Andrew Wyllie CBE, Chief Executive
Tony Bickerstaff, Finance
Director
Catherine Warbrick, Investor
Relations Director
Sara Lipscombe, Communications
Director
Instinctif Tel: 020 7457 2020
Mark Garraway
Helen Tarbet
James Gray
This information is provided by RNS
The company news service from the London Stock Exchange
END
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