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Costain secures £1.6bn of revenue for 2014 and beyond

Costain has secured £1.6 billion in revenue for 2014 and beyond, it said today.

Posting an interim management statement for the period since 1 July, the firm said its order book remained flat at £2.4 billion.

Costain saw its share price rise 4 per cent this morning. Investec analyst Andrew Gibb has forecast Costain topping £1bn in revenue for 2012, with pre tax profit of £27m.

The contractor said its order book includes £650m of secured 2013 revenue, £1.6bn of revenues secured for 2014 and beyond, and the balance for the remainder of 2012.

The group said it is continuing on its strategy of providing integrated services to major clients, with over  90% of the forward order book made up of repeat orders.

It reiterated that 28 per cent of revenues secured for 2012 comprises of support services.

Its major win in the quarter was a £288m, 10-year framework for Magnox, on behalf of the Nuclear Decommissioning Authority, as first revealed by CN.

The group “remains in a strong net cash position”.

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