Costain's record £2bn orderbook stands firm

Costain is wearing the market turbulence remarkably well – it has announced this morning that it has maintained its forward orderbook at a record figure of more than £2bn.

In a management statement on the Stock Exchange this morning Costain said that the group continues to perform in-line with expectations 

Recent contract wins include:

• An £80m retail park in Newbury.
• £120 million Riverside waste contract at Belvedere, central London.

Costain also has £1bn-plus of potential work where it is preferred bidder.

Looking ahead to 2009, Costain has secured over £600 million of work which is ahead of the position for 2008 at this time last year.  

Andrew Wyllie, chief executive, said: “We have targeted blue-chip customers who we believe will, despite the current economic environment, continue with their investment programmes.  

“The Group has an excellent pipeline of opportunities that will see all of Costain's tendering and estimating teams fully deployed for the rest of the year.

“Costain has a strong cash position and no significant borrowings.”