Interim Management Statement

RNS Number : 6510F

Costain Group PLC

13 October 2008

 



Costain Group PLC 

('Costain' or the 'Group')

Interim Management Statement

Costain is issuing its Interim Management Statement covering the period from 1 July 2008 to the current date.

Overview

Following a strong set of results for the first half of 2008, the Group is continuing to perform in-line with the Board's expectations 

Order Book 

The Group's Forward Order Book has been maintained at the half year's record level of over £2 billion following a number of recent contract awards including the £80 million retail park contract in Newbury and the £120 million Riverside waste contract at Belvedere. In addition, the Group has maintained its strong Preferred Bidder Position at £1 billion-plus.

Outlook

The Group's strategic focus has provided Costain with a resilient platform in the current uncertain environment and the Board remains confident that the outcome for 2008 will be in line with its expectations.

Looking forward to next year, the Group has secured over £600 million of work for 2009, which is ahead of the position for 2008 at this time last year.  We have deliberately targeted blue-chip customers who we believe will, despite the current economic environment, continue with their investment programmes.  The Group has an excellent pipeline of opportunities that will see all of Costain's tendering and estimating teams fully deployed for the rest of the year.

Costain has a strong cash position, a record order book and no significant borrowings which, allied to the ongoing rigorous management of costs, places the Group in a good position in the current uncertain economic environment. 

13 October 2008

ENQUIRIES:

Costain Group PLC	Tel: [phone]
Andrew Wyllie, Chief Executive
Tony Bickerstaff, Finance Director
Graham Read, Public Relations
College Hill	Tel: [phone]
Mark Garraway
Adam Aljewicz

 

END

 

 

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