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Costain Group unveils JV with Severn Trent, on track to meet full year expectations

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Costain Group (LON:COST) said it expects its full year results to be in line with expectations following a strong performance in the first half and announced a joint venture with FTSE 100 water group Severn Trent (LON:SVT).

The engineering and construction group said it continued to secure new contracts and contract extensions and had a forward order book of £2.4 billion compared with £2.3 billion at the end of June last year.

In addition, Costain said it had a preferred bidder position of £400 million.

At the end of the first half, the group had secured £850 million of revenues for the full year.

The company has also entered into a joint venture with Severn Trent to provide complete business water and wastewater management services to commercial and industrial water users.

The two companies will combine parts of their existing operations within the JV, in which Costain will initially hold 40 percent.

Severn Trent Costain will help customers to manage their water and waste water usage in the most efficient, compliant and cost-effective way,” said chief executive of Costain Andrew Wyllie.

“Increasingly, customers are looking for a single expert provider who can help plan and manage their industrial water and waste water use across the full cycle.”

Shares in Costain rose 1.5 percent to 211 pence in morning trade, giving it a market cap of £138.15 million.

Quick facts: Costain Group

Price: 82.6 GBX

LSE:COST
Market: LSE
Market Cap: £94.69 m
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