Costain Group PLC Year End Trading Update (9068A)

TIDMCOST

RNS Number : 9068A

Costain Group PLC

04 January 2018

Costain Group PLC

("Costain" or "the Group" or "the Company")

Year End Trading Update

4 January 2018

Costain, the smart infrastructure solutions company, is issuing a trading update ahead of announcing results for the year ended 31 December 2017 on 1 March 2018.

Since the announcement of its interim results on 23 August 2017, the Group has continued to perform well and expects to deliver full-year results in line with the Board's expectations.

The Group is making good progress in its transformation into the UK's leading smart infrastructure solutions company. Examples of recent activity in this regard include the Group's involvement in the operational trials of HGV platooning vehicles, the Government funded testbeds for connected and autonomous vehicles, and asset optimisation for a number of water utilities. We have also appointed technology leader Jacqueline de Rojas CBE as a non-executive director.

Costain continues to differentiate itself by offering integrated technology, consultancy, asset optimisation and complex delivery services to meet the ever more complex challenges of enhancing the nation's infrastructure.

As a result of new orders, including further awards on the High Speed 2 programme, the Group has finished the year with a high-quality order book maintained at GBP3.9 billion (31 December 2016: GBP3.9 billion). In addition, Costain has a preferred bidder position at c. GBP400 million (31 December 2016: GBP500 million). Following very good cash generation towards the end of the period, the Group finished the year with a strong net cash position of over GBP150 million (31 December 2016: GBP140.2 million).

Andrew Wyllie CBE, chief executive, 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."

Enquiries:

 
 Costain                                  Tel: 01628 842 444 
 Andrew Wyllie CBE, Chief Executive 
 Tony Bickerstaff, Chief Financial 
  Officer 
 Catherine Warbrick, Investor 
  Relations Director 
 Sara Lipscombe, Group Communications 
  Director 
 
 Instinctif                               Tel: 020 7457 2020 
 Mark Garraway 
 James Gray

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTBJMRTMBIMBRP

(END) Dow Jones Newswires

January 04, 2018 02:00 ET (07:00 GMT)

Costain (LSE:COST)
Historical Stock Chart
From Apr 2024 to May 2024