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Underlying trading at Costain remains profitable
5th Jan 2021 09:02
(Sharecast News) - Construction engineering company Costain said on Tuesday that it had continued to operate productively, with effective safety measures in place across all contracts.
Costain stated underlying trading remained profitable, with good cash generation, while new work also continued to be secured, in line with the company's strategic ambitions, and, as a result, now expects to report full-year results in line with expectations.
The London-listed group said its year-end order book stood at £4.2bn, with roughly £1.02bn secured for 2021, up from the £940.0m locked in for 2020 at end of 2019.
Costain also highlighted that it had a strong year-end net cash position of £102.5m, ahead of expectations, made up of £89.5m of cash, £61.0m share of cash in joint operations and £48.0m of drawn debt.
As of 0900 GMT, Costain shares were down 1.74% at 56.40p.
Costain stated underlying trading remained profitable, with good cash generation, while new work also continued to be secured, in line with the company's strategic ambitions, and, as a result, now expects to report full-year results in line with expectations.
The London-listed group said its year-end order book stood at £4.2bn, with roughly £1.02bn secured for 2021, up from the £940.0m locked in for 2020 at end of 2019.
Costain also highlighted that it had a strong year-end net cash position of £102.5m, ahead of expectations, made up of £89.5m of cash, £61.0m share of cash in joint operations and £48.0m of drawn debt.
As of 0900 GMT, Costain shares were down 1.74% at 56.40p.