黑洞社区

Costain has returned to the black with a pre-tax profit of 拢19.8m in the year ended 31 December 2007.

It was up from a loss of 拢61.7m in 2006 following write-downs against contract claims in its building division.

The news prompted it to deliver its first dividend in 17 years of 0.5p.

Turnover was flat, edging down from 拢886.3m to 拢877.9m. The order book also fell slightly from 拢1.8bn in 2006 to 拢1.6bn as part the group鈥檚 push towards what it called 鈥渓ong-term quality ahead of short-term quantity.鈥�

Chairman David Allvey said: 鈥淭he year鈥檚 achievements have been reflected in the strong recovery in performance. In as far as 2007 was a landmark year, we expect 2008 will be a year of further growth.鈥�

He said the group鈥檚 rights issue last September, which raised 拢60m, and enhanced banking and bonding facilities of 拢200m had given it added financial strength to win work.