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Costain reports 50% increase in pre-tax profits

Contractor Costain has started 2012 robustly reporting a 27% increase in infrastructure turnover from £219M for the first half of 2011 to £280M for the first six months of 2012 alongside a 50% increase in pre-tax profits from £10.1M to £15.4M, its interim results reveal today.

The firm’s infrastructure order book saw a healthy boost too, surging from £1.1bn for the first half of last year to £1.5bn for the six months to 30 June this year.Costain’s overall order book increased from £2.3bn to £2.4bn in the same comparable periods. It is also in the position of being preferred bidder on over £400M worth of contracts.

A joint chairman and chief executive statement said the firm’s success was through targeting major transport, energy, water and waste clients who are still investing in capital, operations and maintenance works.

“This is reflected in the fact that over 90% of our order book comprises repeat order work, a significant proportion of which is extensions to existing contracts,” said the statement.

Group results

The firm said turnover increased 2% in the first six months of 2012 from £468.5M in 2011 to £477.9M for the same period this year. Its operating profit grew 16% in the year up until 30 June from £9.2M in 2011 to £10.7M this year.

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