Costain Group PLC Interim Management Statement (1522W)

TIDMCOST

RNS Number : 1522W

Costain Group PLC

05 November 2014

Costain Group PLC

("Costain" or "the Group")

Interim Management Statement

Costain, the engineering solutions provider, today issues its Interim Management Statement covering the period from 1 July 2014 to the current date.

The Group is today hosting a visit for investors and analysts to Paddington and Reading and later to its Maidenhead office. No new material information will be disclosed.

Update

Following a strong performance in the first half of the year, Costain continues to perform well and in line with the Board's expectations.

The Group is benefiting from its unique and well-positioned strategy, focusing on major customers who are investing billions of pounds meeting national needs in energy, water and transportation, and who require solutions to their complex business challenges.

Costain's reputation for developing and implementing innovative engineering led solutions through a range of integrated services and the benefits of the successful capital raise of GBP70.3 million (net of expenses) in March are enabling the Group to continue to take advantage of the opportunities created by its strategy and to continue to win significant contracts and extensions.

Additional work won during the period under review, demonstrating the range of skills and capabilities of the Group, include:

   --      Southern Water's 2015 - 2020 (AMP6) investment programme; 
   --      Two Smart Motorway Scheme contracts on the M1 for the Highways Agency; 
   --      Upgrade of the Dimlington gas terminal for Perenco; and

-- Appointment by BAE Systems, as announced separately today, as one of its framework contractors on the redevelopment of its submarine site, in Barrow-in-Furness, Cumbria.

Order book

The Group's forward order book has increased further since thehalf-year, and currently stands at a new record level of GBP3.3 billion.

As well as including over GBP900 million of revenues secured for 2015 (2013: over GBP700 million secured for 2014), the order book also provides good long-term visibility with over GBP2.2 billion of revenues secured for 2016 and beyond.

In addition to the record order book, the Group has a strong preferred bidder position of over GBP400 million, and the level of tendering activity across all its target markets remains high.

The increasingly strategic nature of our long-term customer relationships has ensured that over 90% of the order book comprises repeat business and is in target cost, cost reimbursable, collaborative forms of contract providing increased visibility over long-term margins at lower risk.

Financial position

The Group has a robust financial position with a strong net cash position in line with expectations.

Outlook

The Group is on track to deliver a result for the current year in line with the Board's expectations and, with a record order book, strong cash position and high level of tendering activity, is well positioned to deliver growth over the medium term.

5 November 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

IMSDZLFBZFFBFBD

Costain (LSE:COST)
過去株価チャート
から 6 2024 まで 7 2024