Contractor says start to the year otherwise 鈥渟trong鈥� in trading update
Costain will incur around 拢4m of pre-tax costs due to its failed bid for services firm May Gurney, the contractor disclosed in a trading update this morning.
Costain reiterated its view that it was not in the best interests of shareholders to up its offer for May Gurney, which was later bought by rival firm Kier at a 35% premium price.
The firm said it had undertaken 鈥渟everal months of detailed due diligence鈥� over the bid.
Costain said it has had a 鈥渟trong start鈥� to the current year, with an increased order book and some major wins, and is performing in line with expectations.
The firm鈥檚 order book has increased to 拢2.5bn from 拢2.4bn at the end of 2012.
The firm hailed major wins during the period, including work on the West Coast rail electrification and four further contracts for Crossrail.
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