Firm due to release 2023 numbers in March

Costain ended last year with one third more cash than analysts were expecting, the firm said in a trading update this morning.

It said it closed out 2023 with 拢164.4m of next cash, higher than the 拢128.6m pencilled in by the market.

鈥淲e expect to deliver adjusted operating profit in line with market expectations,鈥� Alex Vaughan, CEO, Costain said.

Alex Vaughan_web

Chief executive Alex Vaughan will announce Costain鈥檚 results on 12 March

鈥淥ur cash performance has been very strong, driven by continued improved operational performance, an increase in financial income compared to 2022, and ongoing positive working capital timings.鈥�

The firm is due to release its full year results on 12 March.

Meanwhile, Costain is one of seven firms to win a place on Northumbrian Water鈥檚 拢670m infrastructure upgrade programme.

The Northumbrian Water Asset Management Period 8 framework contract starts immediately and will run for a seven-year initial term with an option for a five-year extension.

Others to secure spots include Bam Nuttall, Farrans and Mott MacDonald Bentley.

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