Costain Group PLC Trading Update (9986J)
04 July 2017 - 4:00PM
UK Regulatory
TIDMCOST
RNS Number : 9986J
Costain Group PLC
04 July 2017
Costain Group PLC
("Costain" or "the Group")
Trading update
4 July 2017
Costain, which deploys technology-based engineering solutions to
meet urgent national needs across the UK's energy, water and
transportation infrastructures, today issues a trading update ahead
of its results for the six months ended 30 June 2017, which will be
announced on 23 August 2017.
Trading
Trading during the first half has again been strong and the
Group is on course to deliver results for the year in line with the
Board's expectations.
Costain's 'Engineering Tomorrow' strategy enables the Group to
provide a range of integrated, innovative services demanded by its
customers to safeguard security of supply, increase capacity,
improve customer service and drive efficiency across their
infrastructure programmes. These customers are spending billions of
pounds on programmes underpinned by legislation and regulation.
The order book at 30 June stood at GBP3.7 billion, of which over
90% is represented by repeat orders reflecting the strength of
Costain's long-term relationships with its customers (30 June 2016:
GBP3.9 billion). The Group also has a preferred bidder position of
over GBP400 million and tendering levels remain high.
Further to the Company's announcement on 2 May 2017 regarding
the Greater Manchester Waste contract, discussions continue between
the Greater Manchester Waste Disposal Authority and Viridor Laing
to whom Costain is a sub-contractor. Further announcements will be
made as appropriate.
The Group's net cash position as at 30 June 2017 was over GBP80
million (30 June 2016: GBP69.2 million) with average month-end net
cash for the first half of the year of circa GBP90 million (2016:
GBP79.4 million).
Site visit
The Group is today hosting a site visit for analysts to its
technology facility in Yatton, North Somerset. The visit will
provide insight into the development and application of innovative
technologies in the operation of the UK's national
infrastructure.
No new material information will be disclosed and presentation
materials will be available on www.costain.com
Enquiries:
Costain Tel: 01628 842 444
Andrew Wyllie CBE, Chief Executive
Tony Bickerstaff, Finance Director
Catherine Warbrick, Investor
Relations Director
Sara Lipscombe, Group Communications
Director
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
James Gray
This information is provided by RNS
The company news service from the London Stock Exchange
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