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Fri March 29 2024

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Costain turnover tops a billion

3 Mar 15 Costain has reported a 17% rise in revenues for 2014 and a 75% lift in pre-tax profits.

In the year to 31st December 2014 Costain generated revenues of £1,122.5m, up 17% from the £960.0m made in 2013.

Reported pre-tax profit nearly doubled to £22.6m (2013: £12.9m) while underlying operating profit was up 5% to £28.7m (2013: £27.4m).

The forward order book currently stands at a record high for the company of £3.5bn, up from £3.0bn a year ago.

Revenues from the Infrastructure division increased 40% in 2014 to £785.2m (2013: £560.6m) while adjusted profit from operations rose 22% to £38.3m (2013: £31.4m).

Revenues from the Natural Resources division, which includes activities in the Oil & Gas, Nuclear and Water, fell 16% to £335.0m (2013: £397.6m). Adjusted operating profit here was just £500,000 because of the additional costs for the completion of the tricky £400m waste PFI contract awarded back in 2007 for the Greater Manchester Waste Disposal Authority. This is the subject of continuing negotiations for Costain. (See previous report here.)

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