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NCE Live News Updates Thursday 27 February: Costain sees jump in profits and forward orders

The contractor’s full year results show increasing profits and forward orders.

3.30pm: Welsh minister for natural resources Alun Davies has announced a further £5M to protect rail, roads, homes and businesses in Colwyn Bay from coastal erosion and flooding.

The latest £5M of Welsh Government grant aid will ensure further coastal defence improvements and increased protection for Colwyn Bay’s frontage, its residential and commercial property and key local infrastructure such as the A55 Expressway and the North Wales Coast Railway.

2pm: London Waterloo remains Britain’s busiest railway station

London Waterloo remains the most heavily used station in Britain clocking nearly 96 million passenger entries and exits last year – an increase of 1.8M (or 1.9%) compared to 2011/12, reveals latest data published today by the Office of Rail Regulation (ORR).

The report for station usage across Britain for the period April 2012 - March 2013 also shows that:

  • The number of people using stations across Britain in 2012/13 increased by over 82M – a 3.3% rise compared to the year before.
  • The list of top 10 stations has remained unchanged since 2011/12 with eight of the 10 stations located in London.
  • All the top 10 stations reported a rise in usage with the largest increase at London Euston, which saw an increase of 1.8M entries and exits – due to the increasing demand for London Overground services.
  • Of the top 20 most used stations in Great Britain, the largest growth was seen at Stratford, aided by the London Olympics

10.30am: Contractor Costain’s underlying profits increased 12% last year and forward orders have jumped 25% to £3bn, according to results for the year ending 31 December 2013.

Underlying profits rose to £27.4M against £24.5M in 2012 while pre-tax profits rose 10% from £28.1M to £31M over the same period.

The firm also announced today it plans to raise £75M in capital by issuing 33,382,068 new shares, priced at 225p.

The capital would enable the firm to “take greater advantage of the opportunities in its chosen markets and thereby accelerate the Group’s medium and long term growth prospects”, it said in a statement. Specifically it will use the money to bolster its position and tendering on contracts of increasing scale, invest in innovation and technology and make “infill” acquisitions as opportunities arise, it added.







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