9th Mar 2022 14:40
Costain Group PLC - Maidenhead, England-based infrastructure construction firm - Pretax loss narrows to GBP13.3 million in 2021 from GBP96.1 million in 2020, as revenue rises 16% to GBP1.14 billion from GBP978.4 million. Says result is in line with market expectations, having guided back in December to an as-expected result. Adjusted operating profit was GBP30.1 million in 2021, up from GBP18.0 million, as adjusted operating margin improved to 2.6% from 1.7%. Net cash balance rises to GBP119.4 million at the end of December from GBP102.9 million a year before, but declares no dividend for either 2021 or 2020, saying it isn't "appropriate" to do so. Promises to continue to review the reinstatement of dividends in light of performance.
"Looking ahead, while we are mindful of the macro-economic backdrop, we have already secured more than GBP1 billion of group revenue for 2022 and have entered the new year with good momentum," says Chief Executive Officer Alex Vaughan. "We expect to deliver further progress in 2022." Costain Chair Paul Golby will step down within the next 12 months, once a successor is found. He has been in post since 2016.
Current stock price: 38.84 pence, up 6.0% on Wednesday
12-month change: down 44%
By Tom Waite; [email protected]
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