Costain Group PLC Interim Management Statement (4380G)
2014年5月7日 - 3:01PM
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RNS Number : 4380G
Costain Group PLC
07 May 2014
Costain Group PLC
("Costain" or "the Group")
Interim Management Statement
Costain, one of the UK's leading tier one engineering solutions
providers, delivering integrated consulting, project delivery and
operations and maintenance services, announces its Interim
Management Statement covering the period from 1 January 2014 to the
current date. The Group is holding its Annual General Meeting later
today.
Update
The Group has made a strong start to the current year and is
performing in line with the Board's expectations.
As a result of the implementation of its 'Engineering Tomorrow'
strategy, Costain is continuing to secure new work from major
blue-chip customers who are investing billions of pounds in
capital, operations and maintenance contracts and who require
increasingly innovative solutions to solve their complex
requirements.
Costain's major customers continue to consolidate their supply
chains as they seek to work in a more strategic and collaborative
manner with a reduced number of tier one engineering solutions
providers. This is reflected in the following contracts secured
since the start of the year:
- Appointed to the Network Rail GBP2 billion National
Electrification Programme, with the contract worth an initial
GBP900 million over seven years to the Group's joint venture.
- As part of the multi-billion pound Crossrail programme, a
contract from Network Rail, worth an initial GBP150 million to
Costain, to deliver the infrastructure and stations between
Stratford and Shenfield.
- Appointed by National Grid to three frameworks as part of
their overall investment, to 2021, of approximately GBP2.5 billion
on new electricity transmission lines and cables and GBP6.9 billion
on upgrading gas transmission infrastructure.
Order book
As a result of new contract awards and extensions the Group's
high-quality forward order book has further increased to a new
record level of GBP3.2 billion (31 December 2013: GBP3.0 billion),
of which over 90% is from repeat orders.
In addition, the Group maintained its preferred bidder position
at over GBP400 million (31 December 2013: over GBP400m).
To date, over GBP900 million of revenue has been secured for
2014 (31 December 2013: over GBP750 million).
The overall level of tendering activity across the Group's
targeted markets is high.
Financial position
On 18 March 2014 the Group completed the GBP70.3 million (net of
expenses) capital raise enabling Costain to take greater advantage
of the opportunities in its chosen markets and accelerate the
Group's medium and long term prospects.
The Group continues to benefit from a robust financial position
with a strong net cash position in line with expectations.
Outlook
Costain is well positioned in a developing market of a limited
number of providers who can deliver the innovative integrated
consulting, project delivery and operations and maintenance
services increasingly demanded by major customers.
With increased financial resources, a record order book and a
strong pipeline of opportunities, the Board remains confident of
meeting its expectations in 2014.
7 May 2014
Enquiries:
Costain Tel: 01628 842 444
Andrew Wyllie, Chief Executive
Tony Bickerstaff, Finance
Director
Graham Read, Communications
Director
Instinctif Partners 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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