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Interim Results

Costain on track after strong first half

23 August 2017 07:18

Costain is on track to meet full-year forecasts after a strong first half performance with a 34% growth in underlying operating profit and a 10% interim dividend increase.

Revenue, including its share of joint ventures and associates, increased to £874.5 million (2016: £791.4 million) while underlying operating profits rose to £21.2 million.

The group said the order book stood at £3.7 billion, of which over 90% continued to be repeat business (30 June 2016: £3.9 billion), and tendering levels remained high.

It said over £1.5 billion of revenue had been secured for FY 2017 at 30 June (2016: over £1.4 billion secured for FY 2016).

Chief executive Andrew Wyllie said: "We delivered another strong performance in the first half of the year with 34% growth in underlying operating profit and a 10% interim dividend increase.

"We are transforming rapidly to differentiate Costain as the UK's leading smart infrastructure solutions company.

"We are delivering technology-based solutions demanded by our clients who are spending billions of pounds, underpinned by legislation and regulation, to meet ever more complex challenges to enhance the nation's infrastructure.

"Costain is on course to deliver results for the year in line with the Board's expectations."

Story provided by StockMarketWire.com

Related Company: COST

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