Firm will unveil half-year results in August

Costain has increased its average weekly net cash position by a third in the first months of the new year, the firm said in a trading update this morning.

It said the figure for the four months to the end of April was £168.8m, compared to £122.9m for the same period last time.

The increase is a rise of 37% and includes £60.4m held in joint ventures compared to £57.2m for the first four months of last year.

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In a broker’s note, Peel Hunt said: “[There is] no order book and preferred bidder detail provided but […] we suspect it remains broadly unchanged from the combined £3.9bn FY23 position.”

Costain said it was on track to deliver an adjusted operating margin of 3.5% this year and 4.5% for next.

The firm will unveil its interim results on 21 August.