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Costain records 20% order book increase

Costain records 20% order book increase
Costain is continuing its strong performance over the course of 2013 with a significant increase in its order book.

The company has won a series of contracts which has added to a 20 per cent rise in its total orders amounting to £2.9 billion. Officials noted that Costain has secured a series of deals worth £900 million in the first half of the year allowing it to hit record levels. It is made even more impressive when the tough economic conditions that the market is currently going through is taken into account.

Costain was able to record a small increase in underlying pretax profits which had grown to £8.4 million on turnover of £463 million. Repeat orders made up the majority of new work with around 90 per cent of current clients renewing their agreements and it meant that £850 million revenue secured in 2013 continues to the rest of the year.

Among the major contracts secured by Costain included a £450 million AMP6 programme for Thames Water, a £300 million agreement, as part of a joint venture, to work on the Crossrail development.

The company's infrastructure performed very strongly during the timeframe being able to record turnover of £263 million with a profit margin of £14.4 million, this represented an increase on the £9.6 million made on £246 million in 2012. It was aided by the securing of contracts such as the electrification upgrade of the West Coast Mainline and the Transport for London framework including the Hammersmith Flyover strengthening.

David Allvey, chairman of the firm, said: "Costain is building its order book by generating, through its commitment to ‘Engineering Tomorrow’, innovative integrated service solutions for major customers who are continuing to invest to address essential national needs."

Costain's success is in stark contrast to Balfour Beatty, which announced a £41 million loss in its construction services over the first half of 2013. One of the driving forces behind this was the company's poor performance in the UK.

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Date: 27/08/2013 12:49:00

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