Half year trading update - 15 July 2021
15 July 2021
Costain, the smart infrastructure solutions company, today issues a trading update ahead of the publication of its half year results for the period ended 30 June 2021, on 25 August 21.
We have continued to operate productively with effective safety measures in place across all contracts. Underlying trading has remained profitable with good cash generation resulting in a strong net cash position of £113.0 million as at 30 June 2021 (30 June 2020: £140.9 million), ahead of our expectations. We have continued to secure new contracts in line with our strategic ambitions. This continued progress underpins our confidence in delivering further growth in profits this year, in line with the Board’s expectations.
The order book at 30 June 2021 stands at £4.0 billion (30 June 2020: £4.2 billion), with c £1.2 billion secured for 2021. The Group’s net cash position of £113.0 million comprised £100.0 million of cash, £57.0 million share of cash in joint operations and £44.0 million of drawn debt. The average month-end net cash balance for the period was £102.9 million (2020 half year: £56.3million).
Costain Tel: 01628 842 444
Alex Vaughan, Chief Executive Officer
Helen Willis, Chief Financial Officer
Sara Lipscombe, Group Communications Director
MHP Communications Tel: 020 3128 8658
Peter Hewer [email protected]