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Costain ends 2018 with record £4.2bn order book

Costain inspecting severn tunnel

Costain finished 2018 with an order book at a record level of £4.2bn, up from £3.9bn at the same point last year.

The firm, which counts Network Rail and Highways England among its main cliets and is one of the contractors working on the delayed Crossrail project, revealed the figures in a trading update ahead of announcing its results for last year on March 6.

Finishing the year with an order book at a record level reflects the firm’s market position with its target clients who are consolidating their supply chains to deliver multi-billion-pound investment programmes, Costain said.

The group stands as the preferred bidder on £600M worth projects compared to £400M the previous year.

The company finished 2018 with a net cash position of over £110M, in line with expectations. However, at the close of 2017 the firm had a net cash position of £177.7M. The firm put the reduction in net cash since last year down to “timing of receipts in that period”.

Throughout 2018, Costain had a positive net cash position, with an average month-end net cash balance of £77M.

Costain chief executive Andrew Wyllie said: “This has been another year of progress for Costain.

“The benefits of our integrated offering, long-term strategic relationships with our clients and strong balance sheet position us well for the future and the significant opportunity we see across our rapidly-changing end markets.”

Costain has claimed that it in March it expects to deliver full-year results in line with its board’s expectations.

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