The Board of engineering and construction group Costain has said it remains committed to delivering its ambition of doubling profits in the medium term with the publication today of its latest Interim Management Statement for the period from 1 January 2012 to date. Costain's order book currently stands at £2.4 billion.
The Group said it has continued to secure new orders and extend existing contracts - over 90% of the order book is repeat orders from blue chip customers. In addition, the Group has preferred bidder positions of circa £400 million. To date over £800 million of revenue has been secured for 2012. Currently 25% of Costain’s 2012 order book now comes from support services activities which the firm said will continue to grow, with a high level of tendering activity in the Group's targeted markets of Infrastructure, Environment and Energy & Process.
The statement said that the Group is undergoing significant and ongoing transformation as a result of the successful implementation of its "Choosing Costain" strategy.
The strategy is focussed on building the Group into one of the UK's top engineering solutions providers, delivering services for blue chip customers whose major spending plans are underpinned by strategic national priorities, regulatory commitments or essential maintenance requirements in chosen sectors.
In 2011 Costain made two acquisitions - the firm said that the enhanced capability provided by Promanex enabled the Group to win a £60m operations and maintenance contract from new customer the Oil & Pipelines Agency earlier this year.
Costain said that following on from its strong performance in 2011, trading was in line with the Board's expectations. The Board said it remains confident of meeting its expectations in 2012 and is committed to delivering its ambition of doubling profits in the medium term.
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