Pre-Close Trading Update - 4 January 2013
4 January 2013
Costain, one of the UK’s leading engineering solutions providers, will announce preliminary results for the year ended 31 December 2012 on Wednesday 6 March 2013, and is issuing a trading update ahead of entering its Close Period.
Since the announcement of the Group’s Interim Management Statement on 6 November 2012, Costain continues to perform well and consequently finished the year in line with the Board’s expectations.
As a result of new orders and contract extensions the Group finished the year with a high quality Order Book of £2.4 billion (2011: £2.5 billion) of which over 90% is repeat orders, providing good long-term visibility. In excess of £700 million of work has been secured for 2013 (2011: in excess of £650 million secured for 2012).
In addition, Costain has a strong preferred bidder position of over £400 million.
The Group finished the year with a strong cash position and no significant borrowings.
Andrew Wyllie, Chief Executive, commented:
“Costain continues to be successful by focusing on meeting the increasingly integrated service requirements of major customers. Utilising a partnership approach, the Group provides innovative and cost effective solutions to complex and large-scale customer requirements through its consulting, project delivery and operations and maintenance capability.”