No dramas at Costain
January 05, 2018 – Costain starts 2018 with £150m net cash in the bank and an order book maintained at £3.9bn.
Costain’s full results for 2017 are not posted until March but in a trading update to shareholders today it reassured that there will be none of those nasty surprises that have emerged at some of its competitors.
“The group has continued to perform well and expects to deliver full-year results in line with the board’s expectations,” the company statement said.
Tha £3.9bn order, which includes work on the High Speed 2 project, is unchanged from a year ago. The preferred bidder position is down a little at £400m (31st December 2016: £500m).
However, some good cash generation towards the end of the year boosted the coffers. Costain finished 2017 with a strong net cash position of more than £150m, up from £140m at the start of the year.
Chief executive Andrew Wyllie said: “Costain has had another strong year. Our performance is a direct consequence of our differentiation and our ability to provide the rapidly changing range of integrated services required by our major clients.”