25th Jun 2009 07:00
Costain Group PLC
("Costain" or the "Group")
Trading Update
Costain, which will announce interim results for the six months ended 30 June 2009 on Wednesday 26 August 2009, is issuing the following trading update ahead of entering its Close Period.
Since the announcement of the Group's Interim Management Statement on 7 May 2009, the Group is continuing to perform in-line with the Board's expectations.
The Group continues to benefit from its strategic focus on targeted blue chip customers in chosen sectors. Since the beginning of the year, the Group has secured a number of significant new contracts, including the £397 million contract for the Greater Manchester Waste Disposal Authority, a major 10-year contract with Severn Trent worth an estimated £400 million, commencing with the next Asset Management Period, AMP5, which begins in 2010, and in joint venture a further five-year Managing Agent Contractor (MAC) maintenance contract worth £200 million for the Highways Agency.
The Group has also this week reached financial close on the Northbrook school PFI project within the Lewisham Building Schools for the Future ("BSF") programme.
Following these contract awards, the Group's forward order book stands at a record £2.4 billion, a 20% increase compared to the level at 30 June 2008, and includes over £900 million of work secured for 2009.
In addition, the Group has Preferred Bidder positions of over £800 million, and the current level of tendering activity remains high.
The Group has maintained its strong net cash position at significantly in excess of £100 million and has no significant borrowings.
The Group will, on Thursday 2 July and Friday 3 July, host a site visit for analysts to a number of its operations in the North West of England, including its Oil, Gas and Process division in Manchester, the design element of the EVAP D nuclear project and the Shell Green waste water treatment facility in Cheshire.
No new material information will be disclosed and all presentations will be posted on the Group's web site at www.costain.com.
25 June 2009
ENQUIRIES:
|
Costain Group PLC |
Tel: 01628 842 444 |
|
Andrew Wyllie, Chief Executive |
|
|
Tony Bickerstaff, Finance Director |
|
|
Graham Read, Communications Director |
|
|
|
|
|
College Hill |
Tel: 020 7457 2020 |
|
Mark Garraway |
|
|
Adam Aljewicz |
Related Shares:
Costain