27th Jan 2025 09:47
(Alliance News) - Costain Group PLC on Monday said it anticipates annual profit in line with market expectations, as it finished 2024 "strongly".
The London-based construction and engineering firm said it expects to post adjusted operating profit for 2024 in line with market expectations, citing a company-compiled consensus range between GBP41.9 million and 43.3 million.
This would represent between a 4.4% and 7.7% growth from GBP40.1 million last year.
The group also expects to see net cash at the end of the year in line with a GBP160.0 million market forecast, down 2.7% from GBP164.4 million the year before.
Costain said it saw a "substantial" rise in its "high-quality forward work position", standing at GBP5.4 billion at the end of 2024. This was up 32% from GBP3.9 billion at the end of 2023, driven by pact awards in the water and rail sectors.
"This, together with growth on existing frameworks and attractive levels of bidding activity, gives the group increasing confidence in its ability to deliver further growth in operating profits and margins," Costain said.
Shares in Costain Group were up 8.1% at 93.00 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
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