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Wed May 22 2024

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Costain looks to support services for growth

6 Nov 12 Nearly a third of Costain’s revenues now come from support services and that proportion is set to continue to rise, the company says.

An expansion in support service related activities is partly organic and partly due to last year’s acquisitions of engineering services contractors Promanex and ClerkMaxwell. Currently 28% of revenues secured for 2012 comprise support service activities and this is expected to continue to grow, Costain said.

An interim management statement from Costain this morning confirmed the business is set to meet expectations in the current financial year, with no nasty surprises. “Following its strong performance in the first half of 2012, the group is continuing to perform well, in line with the board's expectations,” the board said.

The forward order book stands at £2.4bn, including more than £650m of revenues for 2013 and £1.6bn secured for 2014 and beyond. The £150m balance of the order book is for the remainder of 2012.

Costain has also maintained a strong preferred bidder position of approximately £400m and the overall level of tendering activity across target markets remains high, the board said.

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