15th Jul 2021 10:48
(Alliance News) - Costain Group PLC on Thursday announced a fall in its net cash position from the prior year, however the company remains confident it can deliver profit growth that is in line with expectations.
Maidenhead, England-based Costain is a smart infrastructure solutions company.
Costain reported a net cash position of GBP113.0 million at June 30 down from GBP140.9 million the prior year, however, the value is said to be ahead of its expectations. The firm noted its underlying trading has remained profitable with good cash generation.
The order book at June 30 stands at GBP4.0 billion, down from GBP4.2 billion the prior year.
"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 company added.
Shares in Costain were down 2.6% at 57.30 pence each in London on Thursday morning.
By Amrit Sahota; [email protected]
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