8th Jan 2009 07:00
Costain Group PLC
("Costain" or the "Group")
Trading Update
Costain, which will announce preliminary results for the year ended 31 December 2008 on Wednesday 11 March 2009, is issuing this trading update ahead of entering the Close Period.
Trading during the latter half of 2008, and therefore for the year as a whole, remained in-line with the Board's expectations.
The Group maintained its strong cash position significantly in excess of £100 million.
The Group's operations continue to benefit from the strategic focus on targeted blue chip customers in chosen sectors. Costain has started the new year with a strong order book and pipeline.
As at 31 December 2008 the Group's Forward Order Book was a record £2 billion, a 25% increase on the previous year (2007: £1.6 billion) and included over £700 million of work secured for 2009.
The order book has recently benefited from a number of major contract awards including Tesco Gerrards Cross, Gloucestershire Royal Hospital and the 5-year MAC 7 maintenance contract for the Highways Agency.
In addition, the Group has increased its Preferred Bidder positions to over £1 billion (2007: over £800 million).
Andrew Wyllie, Chief Executive, commented:
"Costain is demonstrating its resilience in the current economic environment. We have a range of excellent customers who are expected to continue with their investment programmes, a strong cash position, a focussed management team and an ongoing rigorous management of costs."
8 January 2009
ENQUIRIES:
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Costain Group PLC |
Tel: 01628 842 444 |
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Andrew Wyllie, Chief Executive |
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Tony Bickerstaff, Finance Director |
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Graham Read, Communications Director |
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College Hill |
Tel: 020 7457 2020 |
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Mark Garraway |
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Adam Aljewicz |
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