Costain orders up 20% despite profit dip
Costain's has seen its pre-tax profit for the first six months of this year plummet. The group's adjusted pre-tax profit was £8.4M, down from the £16.3M reported for the same period in 2012.
Group turnover was down from £477.9M to £462.9M this year. However, the group said its forward order book for the half year has risen 20% to £2.9B, and 90% of the order book relates to repeat orders.
Costain's Natural Resources division, which incorporates its water activities, reported a drop in revenue to £199.2M this year. The restructured division has already seen some early success with its order book increased to £1.2B, and the group said the level of tendering activity is also increasing, reflecting the timing and attractiveness of sector opportunities.
During the first half, Costain was awarded a £450M contract with Thames Water, which was secured in joint venture. The group said it is "well positioned" to secure new contracts or extensions during a Regulatory Review cycle that "is expected to require a more integrated service delivery".
Costain is engaged in several ongoing AMP5 framework contracts with Northumbrian Water, Severn Trent, Southern Water, United Utilities and Dwr Cymru Welsh Water.
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