Last checked at 4 Jul 2017 07:00
Costain Group PLC
("Costain" or "the Group")
Trading update
4 July 2017
Costain, which deploys technology-based engineering solutions to meet urgent national needs across the UK's energy, water and transportation infrastructures, today issues a trading update ahead of its results for the six months ended 30 June 2017, which will be announced on 23 August 2017.
Trading
Trading during the first half has again been strong and the Group is on course to deliver results for the year in line with the Board's expectations.
Costain's 'Engineering Tomorrow' strategy enables the Group to provide a range of integrated, innovative services demanded by its customers to safeguard security of supply, increase capacity, improve customer service and drive efficiency across their infrastructure programmes. These customers are spending billions of pounds on programmes underpinned by legislation and regulation.
The order book at 30 June stood at £3.7 billion, of which over 90% is represented by repeat orders reflecting the strength of Costain's long-term relationships with its customers (30 June 2016: £3.9 billion). The Group also has a preferred bidder position of over £400 million and tendering levels remain high.
Further to the Company's announcement on 2 May 2017 regarding the Greater Manchester Waste contract, discussions continue between the Greater Manchester Waste Disposal Authority and Viridor Laing to whom Costain is a sub-contractor. Further announcements will be made as appropriate.
The Group's net cash position as at 30 June 2017 was over £80 million (30 June 2016: £69.2 million) with average month-end net cash for the first half of the year of circa £90 million (2016: £79.4 million).
Site visit
The Group is today hosting a site visit for analysts to its technology facility in Yatton, North Somerset. The visit will provide insight into the development and application of innovative technologies in the operation of the UK's national infrastructure.
No new material information will be disclosed and presentation materials will be available on www.costain.com
Enquiries:
Costain | Tel: 01628 842 444 |
Andrew Wyllie CBE, Chief Executive | |
Tony Bickerstaff, Finance Director Catherine Warbrick, Investor Relations Director | |
Sara Lipscombe, Group Communications Director | |
Instinctif Partners |
Tel: 020 7457 2020 |
Mark Garraway | |
James Gray |