Costain on target for full-year

7th Jan 2014 07:37

- Expects to meet full-year targets- Finishes year with strong order book- In excess of 750m pounds of work secured for 2014Civil engineering group Costain said it has continued to perform strongly and expects to deliver a full-year result in line with company expectations. The solutions provider said it has finished the year with a 25% increase in its order book bringing it to £3bn. Costain's order book was boosted by new contract wins and extensions, including the landmark AMP6 programme for Thames Water, the Hinkley Point C nuclear power station project, and a string of additional contracts for Crossrail. Otherwise its order book is over 90% repeat orders, providing good long-term revenue visibility, it explained. Chief Executive Andrew Wyllie commented: "We are delighted to finish the year with a very strong order book. Our continued success is the direct result of our focus on delivering innovative engineering solutions for blue chip customers who are investing in meeting national needs."In excess of £750m of work has been secured for 2014, the group said.Costain added that it has a strong preferred bidder position on contracts worth over £400m. In December the group confirmed it had made a profit of £9.1m from the sale of its minority shareholdings in three joint venture companies to Severn Trent as part of the continuing disposal of its PFI equity portfolio. Costain said it finished the year with a positive net cash position. CJ