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Costain has posted a solid set of results for 2016, but taken another hit on its 拢400m Greater Manchester Waste PFI scheme.

The contractor posted a 26% leap in revenue to 拢1.66bn, up from 拢1.32bn in 2015, while pre-tax profit increased 19% to 拢30.9m, up from 拢26m.

However, losses on its Manchester waste PFI scheme hit 拢15.1m for the year, up from the 拢11.4m hit the firm reported in half-year results last August.

Costain said the problem project - first awarded in 2007 - will now complete in 2019, a year later than previously thought. The firm鈥檚 finance director Tony Bickerstaff told 好色先生TV at the time of the firm鈥檚 half-year results it had hoped to complete the project in 2018.

Of Costain鈥檚 two operating divisions, infrastructure led the way, with revenue up 28% to 拢1.28bn, up from 拢996m, while underlying operating profit increased 11% to 拢56.6m, up from 拢49.9m.

The division is working on some of the UK鈥檚 largest infrastrucutre jobs, including the 拢400m overhaul of London Bridge station, Crossrail, Hinkley Point C and improvements to the M1.

Natual resources - which includes the PFI waste job - posted an 拢8.6m underlying operating loss, compared to an 拢11.1m loss the previous year. Revenue increased 19% to 拢377.3m, up from 拢317.6m.

Costain鈥檚 order book held firm at 拢3.9bn. Chairman Paul Golby said the firm鈥檚 infrastructure focus was continuing to pay off: 鈥淭he cross-party political support for investment in infrastructure as a facilitator of sustainable economic growth, coupled with our customers鈥� committed multi-billion pound investment programmes, creates a positive environment for the Group to continue to grow.

鈥淭his is evidenced through recent decisions to progress investment programmes at Hinkley, Heathrow and High Speed 2鈥�

鈥淐ostain is well-positioned to take advantage of the opportunities that lie immediately ahead and this, combined with the good visibility we have over the medium-term, reinforces our confidence for the future.鈥�

Chief executive Andrew Wylie said the firm was committed to investing heavily in research and development as part of its 鈥楨ngineering Tomorrow鈥� strategy.

Investment includes sponsoring 13 PhD students undertaking research at universities including Cambridge and Imperial, while its 300-strong engineering centre in Manchester has partnerships with 15 universities.