Costain maintains £3.9bn order book
Costain has maintained its record order book thanks to a number of significant new orders and contract extensions in 2016, the firm has said.
Issuing a trading update ahead of announcing full year results in March, the engineering solutions provider said it has continued to perform well and expects to deliver full-year results in line with the Board’s expectations.
As a consequence of its strong customer relationships, and its engineering and technology-led solutions, Costain secured a number of significant new orders and contract extensions in 2016. New contract wins during the second half of the year included 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.
As a result, the group’s order book at the year-end was maintained at the record level of £3.9 billion (31 December 2015: £3.9bn). The group has increased its revenues secured for 2017 to over £1.2bn (as at 31 December 2015: over £1.1bn secured for 2016). In addition, Costain has a preferred bidder position at over £500 million (31 December 2015: £500m).
Total headcount at the year-end was more than 4,100, of whom more than 1,200 are in advisory, technology and design service roles.
Chief executive Andrew Wyllie said: “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.”