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Costain ends Spanish joint venture

Costain is to end its loss-making Spanish land development joint venture with Santander in land development, golf and leisure in Spain.

The two companies will split the JV’s assets between them, with Costain retaining golf courses, a marina concession and some associated smaller parcels of land.

Santander will take ownership of two larger sites, leaving Costain to operate leisure assets “with a reduced exposure to land development”, according to a company statement to the stock market.

Costain added that the split was “not expected to have any significant impact on the net assets or the reported earnings of the group”.

Costain recorded a £1.3m loss on its investment in the joint venture, which was valued at £25.2m as of the end of 2014.

The group’s overall revenue for 2014 broke the £1bn barrier, reaching £1.12bn, with underlying profit of £28.7m.

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