Underlying trading at Costain remains profitable
Costain Group
80.60p
16:40 25/04/24
Construction engineering company Costain said on Tuesday that it had continued to operate productively, with effective safety measures in place across all contracts.
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Costain stated underlying trading remained profitable, with good cash generation, while new work also continued to be secured, in line with the company's strategic ambitions, and, as a result, now expects to report full-year results in line with expectations.
The London-listed group said its year-end order book stood at £4.2bn, with roughly £1.02bn secured for 2021, up from the £940.0m locked in for 2020 at end of 2019.
Costain also highlighted that it had a strong year-end net cash position of £102.5m, ahead of expectations, made up of £89.5m of cash, £61.0m share of cash in joint operations and £48.0m of drawn debt.
As of 0900 GMT, Costain shares were down 1.74% at 56.40p.