Costain's order book bulges as big projects get underway


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

Market: LSE
Market Cap: £185.81 m

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