Costain will sink six PFI contracts into the firm’s pension scheme in a bid to reduce its pension deficit by £22m.

The move would reduce the annual contributions the company had to make to the fund, it said in a statement on Monday, and would increase the group’s pre-tax profit by £7.5m.

The contractor reported a “strong performance” for the first half of 2010 and said it had secured about £700m of revenue for 2011 and had an order book of about £2.4bn.