Contractor costain today revealed that its pre-tax profts for 2011 dipped slightly to £25.5M compared with £27.9M for the previous year while its order book remained steady at £2.5bn, compared with £2.4bn previously.
Revenue for the year ending 31 December also dipped from £1.02bn to £986M. However, the firm said that its adjusted group operating profit had increased 38% from £17.4M to £24.1M. Net cash also remained steady at £140.1M against £144.3M.
In a statement the firm called its two acquisitions of 2011 “successful” and said that support services now represent 25% of its workload secured for 2012.
“We are transforming Costain into a broad-based Tier-One engineering solutions provider, aligned with structural market changes,” said chairman David Allvey. “Winning projects such as the complex £400M London Bridge redevelopment is testimony to that. Meanwhile, our strong cash position, robust balance sheet and increased banking and bonding facilities provide us with the resources to grow the business by acquisition as well as organically.
“Our confidence in Costain’s future, and in achieving our ambition of doubling profit over the medium-term, is reflected in the Board’s recommendation to increase the final dividend for the fifth successive year.”