20th Aug 2015 06:36
LONDON (Alliance News) - Engineering services company Costain Group PLC on Thursday posted higher first half pretax profit on the back of robust revenue growth as it said it expects its results for the full year to come in at the upper end of its expectations.
Costain said its pretax profit in the first half was up to GBP10.0 million, nearly double the GBP5.8 million it posted a year earlier, as the company generated GBP621.1 million in revenue, up from GBP529.1 million.
The company said it has secured more than GBP1.20 billion of revenue for 2015, compared to the GBP1.12 billion it booked last year, and said its forward order book value has increased to GBP3.7 billion from GBP3.2 billion, with 90% of this comprising repeat orders and 90% of it lower risk target cost, cost reimbursable forms of contracts.
On the back of the strong results, the company said it has proposed a 15% hike to its interim dividend to 3.75 pence per share, up from 3.25 pence.
"We have delivered another strong performance in the first half of the year," said Chief Executive Andrew Wyllie, who added that following the rise in profit, the group now expects its results for the full year to be at the upper end of its expectations.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Costain