Costain Group PLC Trading Update (4669B)
2015年1月7日 - 4:00PM
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RNS Number : 4669B
Costain Group PLC
07 January 2015
Costain Group PLC
('Costain' or 'the Group')
Trading Update
Costain, the engineering solutions provider, today announces its
trading update for the year ended 31 December 2014, ahead of its
full year results announcement on 3 March 2015.
Since the announcement of the Group's Interim Management
Statement on 5 November 2014, Costain has continued to perform well
and will deliver a full-year result in line with the Board's
expectations.
In addition, as part of ongoing actions taken to manage the
obligations in the legacy Costain Pension Scheme (the 'CPS'), in
December 2014 the Group transferred the interest in its two
remaining PFI investments into the CPS, at an agreed valuation of
GBP7.4 million. This represents an effective discount rate of circa
7%. As a result of the transaction, the accounting profit realised
on the transfer of the assets is GBP3.7 million in 2014.
During December, handover was achieved on the final waste
facility on the legacy Greater Manchester Waste Disposal Authority
PFI contract awarded in 2007. All forty six facilities on the
contract are now either fully completed or in the post-completion
(warranty) period under the terms of the contract, during which
some further work and plant modifications will be completed. In
achieving handover of the final facility the Group received in
December contractual retention and milestone payments of GBP14
million. It has been the Group's policy since 2009 not to pursue
fixed price contracts of this nature.
Throughout the year, the Group continued to be awarded
multi-disciplined, large scale contracts helping to meet national
needs in energy, water and transportation, including the delivery
of Network Rail's National Electrification Programme, appointment
to the Highways Agency's Collaborative Delivery Framework, and
appointment by Southern Water for its AMP 6 investment
programme.
Consequently, the Group's order book has further increased,
finishing the year at a new record level of GBP3.5 billion (31
December 2013: GBP3.0 billion).
As well as including over GBP1.0 billion of revenues secured for
2015 (as at 31 December 2013: over GBP750 million secured for
2014), the order book also provides good long-term visibility with
GBP2.5 billion of revenues secured for 2016 and beyond.
The increasingly strategic nature of Costain's 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 good long-term
visibility. The Group also has a strong preferred bidder position
of over GBP500 million, and is actively tendering for work across
all its target markets.
The Group finished the year with a strong net cash position of
over GBP140 million.
Andrew Wyllie CBE, Chief Executive, said:
"We have finished the year with a record order book and strong
net cash position, providing confidence and visibility for the
future."
7 January 2015
Enquiries:
Costain Tel: 01628 842 444
Andrew Wyllie CBE, Chief Executive
Tony Bickerstaff, Finance Director
Graham Read, Communications Director
Instinctif 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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