Costain on track as order book rises

7th Nov 2011 07:45

Engineering solutions provider Costain said it continues to perform well and trading is in line with the board's expectations.The group's order book has increased to £2.6bn following the strong performance reported in the interim results in August. The figures includes the recently announced award by Network Rail of the London Bridge Station. "As well as including in excess of £600m revenue for 2012, the order book also provides good long-term visibility with over £1.8bn of revenue secured for 2013 and beyond, the balance of the order book being for the remainder of 2011," Costain explained.Furthermore Costain said continues to have a strong preferred bidder position, which has been maintained at around £400m.Otherwise there has been no material change in the financial position of the group. It has cash in excess of £100m and no significant borrowings.Commenting on the future trading, the engineer said, "Whilst challenging market conditions are set to continue for the foreseeable future, the Board expects to report results for the year in line with its expectations." --cj