Interim Management Statement (9281C)
2012年5月9日 - 3:00PM
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RNS Number : 9281C
Costain Group PLC
09 May 2012
Costain Group PLC
("Costain" or "the Group")
AGM and Interim Management Statement
Costain announces its Interim Management Statement covering the
period from 1 January 2012 to the current date, ahead of its AGM to
be held later today.
Overview
Following on from its strong performance in 2011, the Group is
continuing to perform well and trading is in line with the Board's
expectations.
The Group is undergoing significant and ongoing transformation
as a result of the successful implementation of its "Choosing
Costain" strategy. That strategy is focussed on building the Group
into one of the UK's top engineering solutions providers,
delivering services for blue chip customers whose major spending
plans are underpinned by strategic national priorities, regulatory
commitments or essential maintenance requirements in chosen
sectors.
A core component of this has been the broadening of the skills
and capabilities across the full asset life cycle demanded by our
customers. Consequently, the services we now offer to our
customers, and the composition of our earnings, are being
transformed as we continue to broaden the business through the
implementation of our strategy. Currently 25% of our 2012 order
book now comes from support services activities and this will
continue to grow.
In this context, Costain in 2011 made two acquisitions both of
which have been successfully integrated and are providing a broader
range of opportunities for the Group. The enhanced capability
provided by Promanex enabled the Group to win a GBP60m operations
and maintenance contract from new customer the Oil & Pipelines
Agency earlier this year.
Order book
We have continued to secure new orders and extend existing
contracts and the order book currently stands at GBP2.4 billion, of
which over 90% is repeat orders from our blue chip customers. In
addition, the Group has preferred bidder positions of circa GBP400
million.
To date over GBP800 million of revenue has been secured for
2012.
The level of tendering activity in the Group's targeted markets
of Infrastructure, Environment and Energy & Process is
high.
Pension
As reported earlier this year, as part of the ongoing management
of the pension scheme, the Group completed the transfer of two PFI
equity investments valued at GBP20.3 million into The Costain
Pension Scheme. Additionally, the Group has made an Enhanced
Transfer Value and Pension Increase Exchange offer to the members,
and this process is due for completion later this month.
Financial Position
There has been no material change in the robust financial status
of the Group, which continues to have a strong net cash position of
in excess of GBP100 million, and has no significant borrowings.
Dividend
As announced with the preliminary results, reflecting another
successful year and our continuing confidence in the long-term
prospects for the Group, the Board is recommending at today's AGM
an increased final dividend of 6.75 pence per share (2010: 6.25
pence per share). This brings the total for the year to 10.0 pence
per share (2010: 9.25 pence per share), an increase of 8%.
Outlook
Whilst market conditions remain uncertain, the Group has strong
financial resources and is delivering on its clear strategy.
Accordingly, the Board remains confident of meeting its
expectations in 2012 and is committed to delivering its ambition of
doubling profits in the medium term.
9th May 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
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