3rd Mar 2015 08:40
LONDON (Alliance News) - Engineering services company Costain Group PLC on Tuesday said its pretax profit increased in 2014 on the back of higher revenue but said its dividend payout would be slightly lower per share on an enlarged capital base.
Costain said its pretax profit rose to GBP22.6 million, nearly double the GBP12.9 million it reported a year earlier.
Revenue increased to GBP1.12 billion from GBP960 million and the company's forward order book was as GBP3.5 billion at year-end, up from GBP3 billion a year earlier. It said it has secured GBP1 billion in revenue already for 2015.
The company said it has recommended a final dividend of 6.25 pence per share, making its total dividend for the year 9.5 pence compared to 11.5 pence last year on an enlarged capital base.
"We have delivered another strong performance, with increases in revenue and underlying operating profit and an enhanced net cash position," said Chairman David Allvey.
"This strong market position and the additional capital secured during the year is enabling the group to accelerate its growth, as demonstrated by a record order book of GBP3.5 billion," Allvey added.
Costain shares were up 0.8% to 299.75 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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