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Costain order book hits record £2bn

Costain has reported that its forward order book was a record £2 billion on 31 December, a 25 per cent increase on a year ago - with over £700 million of work secured for 2009.

The firm said it had maintained its strong cash position "significantly in excess of £100 million" and its trading remained in line with expectations during the latter half of 2008, putting the firm on track for the full year.

Its order book has been boosted by a number of major contract awards including Tesco Gerrards Cross and Gloucester Royal Hospital.

Costain announced yesterday that it has secured a £220 million Managing Agent Contractor contract for the Highways Agency in a joint venture with consultants Halcrow and contractor Colas.

The group's operations continue to benefit from the strategic focus on targeted blue chip customers in chosen sectors. The company's preferred bidder positions increased to over £1 billion.

Costain chief executive Andrew Wyllie said: "Costain is demonstrating its resilience in the current economic environment.

"We have a range of excellent customers who are expected to continue with their investment programmes, a strong cash position, a focussed management team and an ongoing rigorous management of costs."

Results for the year ended 31 December 2008 are due on 11 March.

Read more about Costain:

Costain/Halcrow JV wins £220m Highways deal