Firm will unveil half-year results in August

Costain has increased its average weekly net cash position by a third in the first months of the new year, the firm said in a trading update this morning.

It said the figure for the four months to the end of April was 拢168.8m, compared to 拢122.9m for the same period last time.

The increase is a rise of 37% and includes 拢60.4m held in joint ventures compared to 拢57.2m for the first four months of last year.

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In a broker鈥檚 note, Peel Hunt said: 鈥淸There is] no order book and preferred bidder detail provided but [鈥 we suspect it remains broadly unchanged from the combined 拢3.9bn FY23 position.鈥�

Costain said it was on track to deliver an adjusted operating margin of 3.5% this year and 4.5% for next.

The firm will unveil its interim results on 21 August.

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