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Costain secures £850m of work for 2010

Costain has said that it remains uncertain about market conditions in 2010, but has over £850 million of work secured for the next 12 months.

In a trading update Costain said its forward orders at 31 December 2009 totalled £2.6 billion, up 30 per cent on the previous year’s £2 billion.

The update said: “Whilst we believe that market conditions will remain uncertain in 2010, the order book includes over £850 million of work secured for 2010, ahead of the position for 2009 at this time last year.”

In addition, Costain has preferred bidder positions of over £400 million reflecting success in converting previous preferred positions into firm orders.

Costain said it continues to benefit from a deliberate focus on targeted blue chip customers whose major spending plans are underpinned by strategic national priorities in chosen sectors.

Costain hief executive Andrew Wyllie said: “Costain continues to differentiate itself as a result of its strategic focus on customers who are expected to continue with their major investment programmes despite the current economic environment.

“We have a significantly increased order book, a strong cash position and an ongoing rigorous management of costs.”