Costain reports record order book in first half

21st Aug 2014 07:57

Engineering group Costain said first half orders hit a record £3.2bn, as the group improved most of its financial measures in the six months to 30 June. First-half revenues increased to £529m from £462.9m a year earlier, largely thanks to a number of new contracts won in the first half.The new deals, which include the Crossrail North East Spur appointment by Network Rail and the appointment to NR's £2bn National Electrification Programme, saw the order book increase 10% on the same period 12 months ago.The group's underlying profits before other items rose from £10.7m to £11.2m, despite a £76.4m increase in cost of sales."Costain has an established reputation for innovation that enables the group to win large, long-term contracts addressing the UK's essential energy, water and transportation needs," said group chairman David Allvey."The successful capital raise earlier this year is enabling us to take advantage of a growing number of opportunities to accelerate the Group's development.The company also announced it has secured over £800m of revenue for 2015 and a further £1.8bn for 2016.Costain shares were trading 4p ahead at 277p by 09:24 in London.DC