Costain has finished the year “in line with expectations” and with a £2.4 billion order book, it said today.
Posting a pre-close trading update, the infrastructure firm said it “continues to perform well and consequently finished the year in line with the board’s expectations”.
As a result of new orders and contract extensions the group finished the year with a £2.4 billion order book (2011: £2.5 billion).
It said 90 per cent of this is repeat orders, and more than £700 million of work has been secured for 2013 (2011: in excess of £650m secured for 2012).
Costain has a preferred bidder position of over £400m.
The group said it also finished the year with a strong cash position and no significant borrowings.
Chief executive Andrew Wyllie said: “Costain continues to be successful by focusing on meeting the increasingly integrated service requirements of major customers.
“Utilising a partnership approach, the group provides innovative and cost effective solutions to complex and large-scale customer requirements through its consulting, project delivery and operations and maintenance capability.”
Costain’s preliminary results for the year ended 31 December 2012 are out on 6 March 2013.
Panmure Gordon is forecasting a £30.3m pre tax profit for the year, including a large PFI sale in the first half of 2012.