logo-loader
viewCostain

Costain's order book bulges as big projects get underway

nuclear350_52cbbe5f0f522.jpg

A burst of new business at the end of 2013 has lifted contractor Costain’s (LON:COST) order book by a quarter.

New contracts and extensions for Thames Water, the Hinkley Point C nuclear power station and additional contracts for Crossrail in London meant the order book was worth £3bn (2012: £2.4bn) at end December, of which 90% was repeat work. More than £750mln of the work is for 2014.

Costain added it also had preferred bidder position on contracts worth over £400mln with tendering activity also high.

The last two months of 2013 had also been busy, it said, and full-year results will be in line with company expectations.

The group realised £9.1mln profit from the sale of its minority shareholdings in three joint venture companies to Severn Trent just before the year end and has taken just bought Serco’s 27% interest in their motorway technology joint venture for £2.4 mln.

Andrew Wyllie, chief executive, said: "We are delighted to finish the year with a very strong order book.

“Our continued success is the direct result of our focus on delivering innovative engineering solutions for blue chip customers who are investing in meeting national needs."

Quick facts: Costain

Price: 171.8 GBX

LSE:COST
Market: LSE
Market Cap: £185.81 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Cannabis stocks off to rocky start ahead of much-anticipated...

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, slipped 1.7% at 130.3 points. Elsewhere, the OTCQX Cannabis Index lost 0.4% at 469.8 points. Buds today were Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF), CB2 Insights Inc (CSE:CBII)...

15 hours ago

2 min read