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Mon June 17 2019

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Costain continues on growth path

20 Aug 15 Costain has reported a 17% rise in turnover and underlying profits for the first half of 2015.

Chief executive Andrew Wyllie
Chief executive Andrew Wyllie

Revenue for the six months ended 30th June 2015 increased by 17% to £621.1m (2014 H1: £529.1m).

Underlying operating profit was also up 17% to £13.1m (2014 H1: £11.2m).

Profit before tax was up 78% to £10.0m (2014 H1: £5.8m).

Fuelled by both organic growth and recent acquisitions, Costain’s order book continues to reach new heights for the company, with most of it coming from repeat customers. The order book was up 16% to £3.7bn at 30th June 2015, up from £3.2bn a year previously. In addition, the preferred bidder position increased to more than £500m, up from £400m+ a year ago.

Costain remains cash rich and earlier this week announced the £36m acquisition of programme management specialist Rhead Group to bolster its offering to blue chip infrastructure clients. [See our previous report here.]

Chief executive Andrew Wyllie said: "We have delivered another strong performance in the first half of the year.  In addition to growth in revenue and profit, our order book now stands at a record £3.7bn.

"Costain is accelerating its growth and following the 17% increase in underlying operating profit in the first half of the year is on course to deliver a result for the year at the upper-end of the board's expectations.”

MPU

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