Construction group also reports record year-end order book
Costain has posted a turnover exceeding 拢1bn for the first time in 16 years in results for the year ending December 2009.
The group reported a turnover of 拢1.061bn, a 14% increase in profit from operations to 拢20.8m but a drop in pre-tax profit to 拢18.1m compared to 拢23.1m for the same period in 2008.
Costain reported a record year-end forward order book, up 30% at 拢2.6bn compared to 拢2bn in 2008 including around 拢900m of secured work for 2010. It added that preferred bidder positions at year-end were over 拢400m, and have increased to over 拢600m since.
The group recommended a final dividend of 0.55p, increasing total payout for the year by 10% to 0.825p.
David Allvey, chairman, said: "We are confident that our position in markets underpinned by strategic capital expenditure, regulatory commitment or essential maintenance requirements will continue to stand us in good stead.
"With a record year-end order book, a significant amount of work already secured for 2010, a net cash balance of over 拢120m and customers committed to long-term capital investment programmes, Costain is looking to the future with confidence.鈥�
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