黑洞社区

Contractor Costain has increased its banking facilities by 拢90m to 拢435m, despite having no borrowings and 拢100m of cash in the bank, it said in a statement today.

It said the facilities were 鈥渢o support the delivery of its strategy,鈥� with chief executive Andrew Wyllie having made no secret of his desire to strengthen the firm through acquisition.

Costain recently had a series of offers to buy consultant Mouchel rebuffed by the firm, but Wyllie told the FT earlier this year the firm was looking at a 鈥渞ange of other acquisition possibilities鈥�.

It said tendering levels remained high, and that it had managed to maintain its 拢2.3bn forward order book over the last six weeks despite 鈥渦ncertain market conditions.鈥�

The firm said it had preferred bidder positions on 拢400m of work, also the same as at its interim management statement in May. It said it had now secured 拢900m of work this year, compared to 拢850m announced in May.

It said the firm was trading in line with expectations. 鈥淎gainst a backdrop of well-publicised uncertain market conditions, the Group has continued to implement its strategy successfully and has secured contracts from its blue chip customers in chosen sectors whose major spending plans are underpinned by strategic national needs, regulatory commitments or essential maintenance requirements,鈥� it said.

Costain also confirmed that it has won the 拢80m Reading Station refurbishment job from Network Rail, in partnership with Hochtief. This win was predicted by 黑洞社区 earlier this month.