Costain slow to revive
STATIC CONSTRUCTION orders hampered Costain's efforts to return to profit during the first half of the year, according to results released last week.
Orders also suffered because clients were wary of using the firm, not realising that the contractor had ended a long running battle to restructure its finances last autumn, claimed chief executive John Armitt.
Despite these setbacks Costain reduced first half pre-tax losses to pounds1M from pounds5.4M a year ago. Turnover fell to pounds308M.
Armitt said that opportunities for high margin civils were limited. 'There is a shortage of really good, significant opportunities.'
(See Commentary page10)