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21 Aug 2019 | 08:47

Costain profits down in H1, but remains on track to meet expectations

Infrastructure solutions company Costain reported a fall in underlying profits as delays to certain contracts kept a lid on performance, though the company said it remained on track to meet its revised full-year expectations. For the half-year ended 30 June 2019, underlying operating profit fell to £21.2m from £23.2m and revenue fell to £594.1m from £758.7m The company secured £1.1bn of new contract awards and extensions to existing contracts during the first half, and the order book stood at £4.2bn as at 30 June, up from £3.7bn a year earlier. The company said it was accelerating its deployment of higher-margin services through leveraging its strong client relationships and reputation for complex programme delivery. 'While, as previously announced, delays to certain contract start dates and new awards, together with a contract cancellation will impact our full year performance, we are pleased that the Group has continued to secure significant new work during the first half. We therefore remain on track to deliver our revised expectations for the current year and growth in 2020,' the company said.

At 8:47am: (LON:COST) Costain Group PLC share price was +14.8p at 160.2p

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