Costain YTD trading in line with internal expectations

16th May 2024 08:00

(Sharecast News) - Construction and engineering company Costain said on Thursday that its year-to-date trading performance was in line with internal expectations, with the group continuing to have "a high-quality forward work position".

Costain said its average weekly net cash position from 1 January to 30 April was £168.8m, up from £122.9m at the same time a year earlier, and stated it was in line to deliver its margin targets of an adjusted operating margin run-rate of 3.5% during 2024 and 4.5% over the course of 2025.

The London-listed group highlighted that since the start of the year, it had won contracts with BP, Northumbrian Water, Thames Water and Transport for London, as well as two new framework contracts in the nuclear energy sector.

"While the board is mindful of the macro-economic backdrop, it remains confident in the group's strategy and medium to long-term prospects," added Costain.

As of 0950 BST, Costain shares were up 2.50% at 82.0p.

Reporting by Iain Gilbert at Sharecast.com