Revenue jumps 17% to 拢621m as order book rises to 拢3.7bn at half year
Revenue at Costain has jumped 17% to 拢621m on the back of a record 拢3.7bn order book, up by half a billion pounds on the same time last year.
Announcing half year results to June 30, Costain said contracts including the development of the M4 corridor around Newport, the Crossrail underground link at Paddington and improvement schemes on the A14 also helped it post a 25% rise in pre-tax profits of 拢11.4m, up from 拢9.1m in 2014.
The order book figure includes 拢950m for 2016, and approximately 拢2.2bn for 2017 and beyond. Costain also reported that the firm was preferred bidder for a further 拢500m of work, a 拢100m rise over 2014鈥檚 figures. Costain鈥檚 order book was 拢3.2bn at the same point in 2014.
Costain confirmed the acquisiton the 550-strong in the half year report, which is expected to boost annual results by 3-5p per share.
Speaking about the results Costain鈥檚 chief executive Andrew Wyllie said: 鈥淲e have delivered another strong performance in the first half of the year. In addition to growth in revenue and profit, our order book now stands at a record 拢3.7 billion.
鈥淐ostain has an established reputation for delivering innovative integrated services that enables the Group to win large, long-term contracts addressing the UK鈥檚 National needs in energy, water and transportation.
鈥淐ostain is accelerating its growth and following the 17% increase in underlying operating profit in the first half of the year is on course to deliver a result for the year at the upper-end of the Board鈥檚 expectations. Our confidence for the future is reflected in the 15% increase in dividend.鈥�
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