Costain announces record £2.4bn forward orderbook - up 20%

Costain’s current orderbook stands at a record £2.4bn which is 20% higher than at the same time in mid-2008.

The current figure includes over £900m of work secured for 2009.

And on top of that, Costain has preferred bidder positions of over £800m.

The group’s trading update issued this morning also reveals that “the current level of tendering activity remains high”.

Andrew Wyllie, chief executive, added that Costain has maintained its strong net cash position at more than £100m and has no borrowings of any note.

Costain will announce the full details of its interim results for the six months ended 30 June 2009 on 26 August.

As things stand today “the group is continuing to perform in-line with the board's expectations”.

Wyllie said: “The group continues to benefit from its strategic focus on targeted blue chip customers in chosen sectors.”

Since the beginning of the year, new contracts include the £400m project for the Greater Manchester Waste Disposal Authority and a major 10-year contract with Severn Trent worth £400m.

This week Costain reached financial close on the Northbrook school PFI project within the Lewisham Building Schools for the Future ("BSF") programme.