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Costain announces major losses

Contracting giant Costain today announced a £61.7M pretax loss in its preliminary results for 2006.
The losses were distributed among its international division (£27.4M), oil and gas division(£19.5M) and building division(£25.9M). The results reflect the decision to close the international division, announced in June 2006The group amde a profit in its civil engineering division of £10.3M and in property development £3.9M.Turnover for the year grew to £886.3M from £773.2M in 2005Loss per share was 15.1p compared with last year earnings per share of 5.67p. Chairman David Jefferies said 'Costain is in a much stronger position as a result of the management actions taken during the year. With a greater focus on establishing market leading positions in our target sectors, we are seeing significant benefits from the implementation of the 'Being Number One' strategy.'The strategy is focused on making Costain the leading contractor in specific sectors, such as highways and water. Part of this strategy also included the contractor dismantling its loss making international unit and reassigning overseas projects to its dedicated sector teams.

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