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Costain on course

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Costain grew its order book value by £400m during 2015 to end the year with £3.9bn of work in hand, another new high for the company.

In a trading update, Costain said that the business had continued to perform well in the second half of 2015 and was likely to deliver full-year results in line with expectations.

The order book includes more than £1.1bn of revenues secured for 2016. More than 90% of the order book comprises repeat business and is in target cost, cost reimbursable, collaborative forms of contract providing good long-term visibility.

As well as a record order book, Costain also has a strong preferred bidder position, adding another £500m of likely workload.

Costain starts 2016 with £100m net cash, despite spending £36m in August 2015 on the acquisition of Rhead Group.

Chief executive Andrew Wyllie said: "Costain has had another good year.  We also have good visibility over the medium-term, having finished the year with a record order book and a strong net cash position, providing confidence for the future."

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