Trading Update (0148V)
2012年1月5日 - 4:00PM
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RNS Number : 0148V
Costain Group PLC
05 January 2012
Costain Group PLC
("Costain" or "the Group")
Pre-Close Trading Update
Costain, one of the UK's leading engineering solutions
providers, will announce preliminary results for the year ended 31
December 2011 on Wednesday 7 March 2012, and is issuing a trading
update ahead of entering its Close Period.
Trading update
Since the announcement of the Group's Interim Management
Statement on 7 November 2011, Costain continues to perform well and
consequently finished the year in line with the Board's
expectations.
As a result of its strategy of focussing on major public and
private sector customers whose spending plans are driven by
national need, regulatory commitments or essential maintenance
requirements, Costain secured significant new contracts during the
year, including:
- London Bridge Station redevelopment for Network Rail;
- Crossrail Paddington Station and advanced works at Crossrail Bond Street;
- A465 Heads of the Valleys road for the Welsh Government;
- Contracts for Northumbrian Water AMP5 and Severn Trent;
- Energy Technologies Institute (ETI) development of carbon capture technology;
- Decommissioning contract at Trawsfynydd nuclear site.
The Group finished the year with an increased forward Order Book
of GBP2.5 billion (2010: GBP2.4 billion), which included in excess
of GBP650 million of work secured for 2012 and over GBP1.8 billion
of revenue secured for 2013 and beyond.
In addition, Costain has a strong preferred bidder position at
circa GBP400 million.
The Group made two acquisitions during the year. ClerkMaxwell,
the front end engineering support services provider acquired in
April, and Promanex, the industrial support services business
acquired in August, both of which are performing well.
Financial position
There has been no material change in the financial position of
the Group, which has a strong cash position of in excess of GBP100
million and no significant borrowings.
Recently, the Group has further enhanced and extended its
contract bonding and banking facilities with its relationship banks
and surety companies. The facilities were increased by GBP30
million to GBP465 million and extended by two years to September
2015. These facilities ensure the Group has the necessary financial
resources to capitalise on market opportunities as they arise and
achieve its medium term objectives.
Andrew Wyllie, Chief Executive, commented:
"We have continued to benefit throughout this year from the
implementation of our 'Choosing Costain' strategy, which has been
to focus on blue chip customers in chosen sectors whose major
spending plans are underpinned by strategic national needs,
regulatory commitments or essential maintenance requirements."
5 January 2012
Enquiries:
Costain Tel: 01628 842 444
Andrew Wyllie, Chief Executive
Tony Bickerstaff, Finance
Director
Graham Read, Communications
Director
College Hill Tel: 020 7457 2020
Mark Garraway
Helen Tarbet
This information is provided by RNS
The company news service from the London Stock Exchange
END
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