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Costain makes losses on everything but civils

Civil engineering was the only profitable business area for Costain as it reported a £21.9M pre-tax loss today.
The contractor confirmed the business as a whole was in the red for the first half of 2006.Its Civil Engineering division, however, bucked the trend and made a £7.9M profit, up from £6.8M at the same time last year. This was on an increased turnover of £217M, up from £145.7M midway through 2005.Turnover across the whole business was up from £345.4M this time last year to £436.2M.Costain Chairman David Jefferies said: 'The overall underlying performance from the majority of our core activities remains encouraging for the second half of the year. Whilst we have incurred significant write-downs in the first half of this year, the Board remains committed to the resumption of dividend payments as soon as is financially sensible and will consider the position at the year-end in the light of the Group's performance and prevailing trading conditions.'

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