1st Jul 2005 07:00
Costain Group PLC01 July 2005 Costain Group PLC("Costain" or "the Group") Trading Update Ahead of the announcement, on Wednesday 31 August 2005, of interim results forthe six months ended 30 June 2005, Costain is issuing a brief trading update. Since the Annual General Meeting, when the Group confirmed that it had made astrong start to 2005, the forward order book has been further boosted by theaward of a significant oil and gas contract in Iran and the securing of majorAMP4 contracts with United Utilities, Southern Water and Bristol Water. Theforward order book currently stands at a record £1.6 billion. In addition, preferred bidder status has also been achieved on over £700 millionof major roads schemes and a £100 million framework agreement in the nuclearsector. Due to the usual delay during a General Election period in releasing centralGovernment funds for major highway infrastructure projects, and the extendednature of negotiations during the transition phase from AMP3 to AMP4, theresults for the first half, which will be prepared in accordance withInternational Financial Reporting Standards ("IFRS"), will not reflect the fullextent of the new contract awards. With these revenues being deferred into thesecond half, the outlook for the year remains in-line with the Board'sexpectations. For comparative purposes, the Group will publish, on 17 August, a restatement ofits 2004 interim and full-year accounts under IFRS and it will hold a conferencecall for analysts and investors that morning at 08:00. Stuart Doughty, Chief Executive, comments: "I am delighted with the substantial contract wins during the first half. Thisundoubtedly reflects the progress we have made over the last few years inrebuilding the Costain brand and establishing a reputation for excellence. Thetransition to partnering with our clients and focusing on long-term frameworkagreements has given the Group an outstanding visibility and quality of earningswhich we will report on in greater detail in August." 1 July 2005 Enquiries: Costain Group PLC Tel: 01628 842444Stuart Doughty, Chief ExecutiveCharles McCole, Finance Director College Hill Tel. 020 7457 2020Mark GarrawayMatthew Gregorowski This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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