Positive update reports trading in line with board expectations
Costain has issued an upbeat trading update ahead of its 2008 full-year results in March.
It said trading for the year has been in line with the board's expectations and pointed to a record order book of 拢2bn at the end of the year. The figure was 25% up on the same time in 2007.
A company statement said: 鈥淭he group's operations continue to benefit from the strategic focus on targeted blue chip customers in chosen sectors. Costain has started the new year with a strong order book and pipeline.鈥�
The UK-based construction firm also pointed to a cash position 鈥渟ignificantly in excess of 拢100m鈥� and said contracts on which it was the preferred bidder have risen in value from over 拢800m in 2007 to more than 拢1bn.
Chief executive Andrew Wyllie said: 鈥淲e have a range of excellent customers who are expected to continue with their investment programmes, a strong cash position, a focused management team and an ongoing rigorous management of costs.鈥�
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