Record order book at £3.2bn cheers Costain
COSTAIN group, the major UK construction and engineering group, announced yesterday it had achieved a record order book and solid growth in underlying profits, as it shifted its focus with more major contracts in the rail and oil and gas sectors.
The forward order book for the company zoomed up to £3.2bn in the first half of 2014, a 10 per cent rise on £2.9bn over the same period in 2013, with more than £700m of new contract wins and extensions.
Major new contracts included Network Rail’s national electrification programme and work on Crossrail to the east of London, as well as contracts in the energy sector with Centrica for gas terminals and National Grid.
Chairman David Allvey said: “Costain has an established reputation for innovation that enables the Group to win large, long term contracts addressing the UK’s essential energy, water and transportation needs.”
Underlying profits were up to £11.2m in the first six months of the year, a five per cent increase on £10.7m over the same period in 2013.
Costain, founded in 1865 and one the founding members of the Channel Tunnel consortium, also signalled it would no longer pursue contracts in the waste sector.