Contractor issues positive trading update to the City
Costain’s order book has risen to a record £3.7bn, the contractor has announced.
In a trading update to the City, Costain said its order book increased to £3.7bn from £3.5bn at the end of 2014 and £3.2bn at 30 June 2014.
Costain said over 90% of its order book compromises repeat orders, which the firm said demonstrates its “long-term strategic relationships” with customers.
Its recent contract wins include the £750m development of the M4 corridor around Newport in a joint venture with Vinci, as well as JVs with Skanska for the £55m underground link between the Crossrail and Bakerloo Line platforms at Paddington station, and the £600m A14 road improvement job for Highways England.
Confirming that it is on course to meet a result for the year in line with its board’s expectations, Costain added that it continues to maintain a strong preferred bidder position of over £500 million and that tendering activity remains high.