Building firm increases profit to £27.9m despite ’difficult economic environment’

Costain has increased profit before tax by 54% to £27.9m.

The building firm posted an order book of £2.4bn down from £2.6bn in 2009. Revenue fell by £38.6m to £1,022.5m for the 12 months to December 31 2010.

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Overall the firm maintained a net cash position of £144.3m, an increase of £23.8m from the previous year.

David Allvey, chairman of Costain, said: “Once again, the Group has demonstrated its resilience in a continuing difficult economic environment.:

“We look to the future with confidence, reinforced by our robust year-end order book, enhanced cash balance and the ongoing support of our customers committed to long-term capital investment programmes.”