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Costain confident of success in 2011

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.

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