An order book of £2.3 billion and £100 million in the bank is a sign of “further progress in 2011”, Costain said this morning in its statement to the Stock Exchange.
In its interim management statement, covering 1 January to 5 May 2011, Costain said it was continuing to perform well, with trading in line with expectations, particularly in its target markets of infrastructure, environment and energy.
The company highlighted the £3.2m acquisition of Aberdeen-based engineering and operations support firm ClerkMaxwell as an example of its expansive Choosing Costain strategy.
Following further significant contract awards since the beginning of the year, the order book stands at £2.3bn, with preferred bidder positions of over £400m. To date over £850m of revenue has been secured for 2011. The company said it had no significant borrowings.
It added: “With trading in line with the board’s expectations, a strong cash position and ongoing delivery on its stated strategy, through a combination of organic growth and selective acquisitions where suitable earnings-enhancing opportunities arise, the board is confident of further progress in 2011.”