Firm has targeted work with long-term strategic value and is looking to grow
Costain has said it will make further acquisitions on the back of growing profit in the first six months of the year.
The contractor announced last week that its pre-tax profit had risen 23% to 拢10.1m as the firm targeted work with long-term strategic value. This included withdrawing from 鈥渓ow margin activity鈥�, which saw turnover decrease in the same period from 拢533.4m to 拢468.5m.
Costain acquired industrial support services firm Promanex earlier this month and gas consultant ClerkMaxwell in April.
鈥淲e are looking to expand the business both organically and through acquisitions,鈥� Costain financial director Tony Bickerstaff said.
鈥淲e see a whole host of opportunities in our three key sectors environment, infrastructure and energy and process.鈥�
Bickerstaff added that the firm鈥檚 key clients increasingly wanted to work with a smaller number of companies offering a broader range of services and said that its investment in infrastructure had resulted in a slight fall in turnover and profit in this area.
He also clarified Costain鈥檚 ambition to double profit in the 鈥渕edium term鈥�. 鈥淎nalysts have put a three to four year timeframe on that and I鈥檓 not unhappy with that,鈥� he said.
鈥淥ur cash position is very strong. We have 拢149m in the bank and no debt.鈥�
No comments yet