2nd Mar 2016 08:10
LONDON (Alliance News) - Engineering services company Costain Group PLC on Wednesday hiked its dividend for 2015, on the back of increased profit and a strong order book.
Costain said it had recommended a final dividend of 7.25 pence per share, making its total dividend 11.0 pence per share, a 16% increase from 9.5p the previous year.
Costain posted a pretax profit of GBP26.0 million for the year ended December 31, compared to GBP22.6 million in 2014, as revenue came in 17% higher at GBP1.32 billion, from GBP1.12 billion.
Its forward order book was at GBP3.9 billion at year-end, up from GBP3.5 billion a year earlier. It said it has secured GBP1.1 billion in revenue already for 2016.
"We have again delivered a strong performance with growth in both revenue and profit. We further reinforced Costain's position as a tier-one supplier providing the broad range of innovative integrated services demanded by our major customers who are spending billions of pounds enhancing the UK's energy, water and transportation infrastructures," said Chairman David Allvey.
"This unique market position is allowing Costain to accelerate its growth, and our confidence is reflected in the recommendation to increase the total dividend for the year by 16%," Allvey added.
Shares in Costain were up 4.2% at 373.19p on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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