Costain has announced a continuation of its record £3.9bn results for 2016, due in part to several contract wins in the second half of the year.
In a trading update the company announced it had finished the year with a net cash position of £100M. It also increased its revenues secured for 2017 to more than £1.2bn – up from £1.1bn the previous year – and maintained its order book at the 2015 level of £3.9bn, performing in line with the board’s expectations.
Costain said new contract wins during the second half of the year – including the High Speed 2 South Enabling Works, the Area 14 Maintenance commission for Highways England and the Peterborough and Huntingdon compressor station upgrade for National Grid – contributed to the positive results.
“Costain has had another strong year. Our customers are undertaking substantial investment addressing urgent national needs and we are looking forward to the future with confidence,” said Costain chief executive Andrew Wyllie.
Reflecting the development and changing nature of the business, the group has a total headcount at the year-end of more than 4,100, which includes more than 1,200 now in advisory, technology and design service roles.
Costain will announce final results for the year ended 31 December 2016 on 1 March.