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Costain hikes divi after strong year

By BFN News | 07:19 AM | Wednesday 01 March, 2017

Costain reports a strong performance for the year to the end of December with significant increases in both revenue and underlying operating profit and a recommended 15% increase in the final dividend. Revenue, including the group's share of joint ventures and associates, for the year increased 26% to £1,658.0 million (2015: £1,316.5 million). Group underlying operating profit increased 24% to £41.1 million (2015: £33.2 million). Underlying profit before tax was £37.5 million (2015: £29.9 million), and underlying basic earnings per share increased to 31.5 pence (2015: 25.1 pence). Reported profit before tax was £30.9 million (2015: £26.0 million) and reported earnings per share were 25.7 pence (2015: 21.8 pence). Chairman Dr Paul Golby said: "I am pleased to report that Costain has delivered another strong result, with continued growth in both revenue and profit, and has maintained a record high quality forward order book. "Our major customers are committed to spending billions of pounds to improve people's lives by enhancing the UK's energy, water and transportation infrastructures. "In order to deliver solutions to their increasingly complex requirements, Costain will continue to provide the broadest range of innovative integrated services and technology-based solutions. "The Group's continuing success is, therefore, the direct result of its 'Engineering Tomorrow' strategy and the deliberate acceleration of growth, both organically and by targeted acquisition. "Costain is well-positioned to take advantage of the opportunities that lie immediately ahead and this, combined with the good visibility we have over the medium-term, reinforces our confidence for the future. "That confidence is reflected in the recommendation to increase the total dividend for the year by 15% and I look forward to reporting on future progress." Story provided by

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