Costain also seeking to raise 拢75m through a share placing to help finance bids for large scale projects
Costain鈥檚 profit nearly halved last year, after the firm made a 拢10m write down to the value of its land development business in Spain.
The news came as the firm posted its results for the year to 31 December 2013 this morning, with pre-tax profit falling 48% to 拢12.9m, down from 拢24.7m last year.
The fall in pre-tax profit was largely a result of a write down of the firm鈥檚 50% stake in its land development business in Spain, alongside Santander.
The firm wrote down the value of its share of the business by 拢9.8m 鈥渁s a consequence of continuing uncertainty regarding future market conditions in Spain鈥�.
This combined with exceptional transaction costs, amortization of assets and other employment costs resulted in a total of 拢18.1m of exceptional costs, compared with just 拢3.4m of exceptional costs in 2012.
When these items were excluded the firm reported a rise in pre-tax profit to 拢31m, up from 拢28m in the previous year.
Revenue at the group, including shares of joint ventures, rose to 拢960m, up from 拢935m the previous year.
The firm also increased its order book by 25% to 拢3bn at 31 December 2013, up from 拢2.4bn a year earlier.
Meanwhile, Costain said it was looking to raise 拢75m through a share placing to help finance bids for large scale projects in its key infrastructure, energy and water markets.
Writing in the firm鈥檚 accounts Costain chair David Allvey, said the capital from the share placing would 鈥渆nable Costain to capitalise鈥� on opportunities to win 鈥渓arge longer-term contracts鈥� and 鈥渋nvest in innovation and technology鈥�.
He said the money would also be used to make acquisitions, finance bid costs and fund increased working capital.
Allvey said all this would 鈥渁ccelerate to group鈥檚 development鈥�.
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