Contractor Costain has said it remains confident of gaining positive results in 2011, according to its interim management statement issued today.
“With trading in line with the Board’s expectations, a strong cash position and ongoing delivery on its stated strategy, through a combination of organic growth and selective acquisitions where suitable earnings-enhancing opportunities arise, the Board is confident of further progress in 2011,” it said in a statement.
It said that the Group has continued to secure significant new contract awards since the beginning of the year, and as a consequence currently has a robust order book of £2.3bn. In addition, it has preferred bidder positions of over £400M. It has secured over £850M of revenue so far for 2011 and its cash position is in excess of £100M.
Since reporting the preliminary results in March, the level of tendering activity in the Group’s targeted markets of Infrastructure, Environment and Energy & Process has remained high.
“Following on from its strong performance in 2010, and despite well-publicised uncertain market conditions, the Group is continuing to perform well and trading is in line with the Board’s expectations,” it added.