Highlights
Another strong trading performance
o Revenue increased to £621.1 million (2014: £529.1 million)
o Underlying operating profit up 17% to £13.1 million (2014: £11.2 million)
o Net cash balance of £126.8 million (2014: £133.8 million)
Unique customer focused strategy generating record order book
o Record forward order book up 16% to £3.7 billion (2014: £3.2 billion)
o Over 90% of order book comprises repeat orders and over 90% lower risk target cost, cost reimbursable forms of contract
Leveraging opportunity to accelerate growth both organically and by acquisition
o Post period-end acquisition of Rhead Group, further broadening range of capabilities
o Banking and bonding facilities increased to £525 million and extended to 2020
Positive outlook for FY2015 and confidence in the future
o Over £1.2 billion of revenue secured for FY 2015 by 30 June, (2014: over £950 million secured for FY 2014)
o Increase of 15% in interim dividend to 3.75 pence per share (2014: 3.25 pence)
Andrew Wyllie CBE, Chief Executive, commented:
"We have delivered another strong performance in the first half of the year. In addition to growth in revenue and profit, our order book now stands at a record £3.7 billion.
"Costain has an established reputation for delivering innovative integrated services that enables the Group to win large, long-term contracts addressing the UK's National needs in energy, water and transportation.
"Costain is accelerating its growth and following the 17% increase in underlying operating profit in the first half of the year is on course to deliver a result for the year at the upper-end of the Board's expectations. Our confidence for the future is reflected in the 15% increase in dividend."
