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Costain reports surge in profits

Costain reports surge in profits
Costain has announced strong pre-tax profits over the past year in the latest publication of its financial results.

The construction company stated that it had seen a 16 per cent rise to £29.5 million in the last 12 months and officials explained that the organisation has been significantly boosted by a series of highways and rail projects. However, Costain said that it was focused on improving group margin to four per cent after overall revenues fell by five per cent to £934 million. In total, it has been a successful year for the company and this has been reflected in the upturn of its pre-tax profits.

At a time when many construction firms are experiencing tough trading conditions, Costain has prospered and collected a series of new contracts along the way. The company noted that the latest batch of work that it had secured over 2012 had a value of £900 million and the year-end total order book had reached £2.4 billion. Officials noted that over 90 per cent of the current project represent repeat orders and that £1.7 billion of revenue is already secured for 2014 and beyond.

Both highways and rail work contracts were the driving force behind the positive figures with infrastructure playing a major part in this. In this area, the company had a turnover of £526 million, recording a profit of £26 million. This was a substantial rise on the £10 million that was recorded in 2011.

Andrew Wyllie, chief executive, said: “Costain has delivered another strong performance and demonstrated again that it has the right strategy to drive profitable growth even through the most challenging of economic conditions. We entered 2013, having already secured over £700 million of work for the year and we continue to benefit from a strong pipeline and high levels of tendering activity."

Costain currently employs 3,000 members of staff and is also one of the UK's leading, Tier One, engineering solutions provider. This latest announcement shows that the company has a bright future ahead of it.

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Date: 06/03/2013 13:03:00

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