Interim Management Statement


 

TIDMCOST 
 
RNS Number : 7875A 
Costain Group PLC 
15 October 2009 
 

Costain Group PLC 
("Costain" or the "Group") 
 
 
 
 
Interim Management Statement 
 
 
Costain, the engineering and construction group, is issuing its Interim 
Management Statement covering the period from 1 July 2009 to the current date. 
 
 
 
 
Overview 
In August, the Group reported a strong operating result for the first half of 
2009, and that it had entered the second half of the year with a record order 
book, robust finances and a net cash balance in excess of GBP100 million. 
 
 
Since then, Costain has continued to perform in line with the Board's 
expectations. 
 
 
The Group's strategy remains focused on major blue-chip customers, particularly 
those whose capital investment programmes are necessitated by legislation or 
regulation, or where projects are of high priority in the current uncertain 
economic environment. 
 
 
 
 
Order Book 
The Group's quality forward order book has increased further to a new record 
level of GBP2.7 billion, up from GBP2.5 billion at 30 June 2009. 
 
 
This increased order book follows major contract awards including: 
 
 
  *  an extension to its current 5-year AMP4 framework contract with United Utilities 
  worth GBP170 million; 
  *  a GBP297 million contract for Sellafield Ltd for the Evaporator D project 
  extending the project from the original planning into the delivery phase; and 
  *  Bradford Schools Phase 2 PFI, in joint venture, valued at GBP230 million 
 
 
 
Costain continues to see strong levels of tendering activity, both in 
established sectors such as water and infrastructure, and in newer business 
areas such as nuclear and waste. The Group's preferred bidder position is 
currently in excess of GBP400 million reflecting recent successes in converting 
previous preferred positions to firm orders. 
 
 
The Group has already secured revenues of over GBP800 million for 2010, 
substantially ahead of the position for 2009 at this time last year. 
 
 
 
 
Pension 
Following the proposals as reported in August, the Group has now completed the 
90-day consultation period with staff and closed the defined benefit pension 
scheme to future accrual with effect from 1st October 2009. 
 
 Financial Position 
There has been no material change in the financial status of the Group which 
continues to enjoy a strong cash position of well in excess of GBP100 million 
and has no significant borrowings. The average month-end cash balance in 2009 to 
date is running slightly ahead of the average for 2008. 
 
 
 
 
Outlook 
The Group's ongoing strategic focus continues to provide Costain with a strong 
platform and the Board remains confident that the outcome for 2009 will be in 
line with its expectations. 
 
 
 
 
 
15 October 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                                |                                    | 
+----------------------------------------------+------------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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