Costain back on site as coronavirus lockdown eases

19th Jun 2020 10:11

(Sharecast News) - Builder Costain said on Friday it was now back working on site across most of its operations, but cautioned the ongoing implications and impact of Covid-19 remained "uncertain".
The group forecast an order book of around £4.2bn at the end of the first half after having benefited from a number of contract wins and extensions in the period. It highlighted further upside potential from some "significant framework agreements".

Costain also pointed to a successful £100m fundraising in May, helping improve its net cash balance to £110m.

Chief executive Alex Vaughan said: "We are already seeing the benefit from our strengthened balance sheet with several new contract wins and framework awards."

"The impact of Covid-19 remains uncertain, however, Costain is well-positioned to successfully navigate through the current environment and capitalise on the significant opportunities that the UK infrastructure market offers. We remain confident in the positive forward outlook for the business."

As of 1010 BST, Costain shares had slipped 1.04% to 75.80p.