Orders up £400m on last year, with £1.1bn in revenues secured for 2016
Costain has started the new year with a record £3.9bn order book, as its clients in the energy, transport and water infrastructure sectors continue to invest heavily.
In a trading update to the City, the contractor announced that orders were up £400m on last year’s £3.5bn record, with £1.1bn of secured revenues in 2016.
Costain chief executive Andrew Wyllie CBE (pictured) said: “Costain has had another good year.
“We also have good visibility over the medium-term, having finished the year with a record order book and a strong net cash position, providing confidence for the future.”
The firm said that Costain’s long-term customer relationships meant that over 90% of the order book comprised repeat business.
It added it was preferred bidder on a further £500m of work, and is actively tendering for work across all its target markets.
The firm also finished 2015 with a net cash position of over £100m, despite the £36m acquisition of consultant Rhead Group, which it said has already been substantially integrated.