Costain positive on year ahead

Engineering group Costain said its full year results would come in in line with expectations when it reports in March.

Engineering group Costain said its full year results would come in in line with expectations when it reports in March.

As a result of new orders and contract extensions the group finished the year with an order book of £2.4bn - just off the £2.5bn at the end of 2011 - of which over 90% is repeat orders.

The firm said more than £700m of work had already been secured for 2013, topping the previous year's figure of £650m.

In addition, Costain has a preferred bidder position on over £400m-worth of contracts.

The company added that it finished the year with a strong cash position and no significant borrowings.

Chief Executive Andrew Wyllie said his business continued to be successful by focusing on meeting the increasingly integrated service requirements of major customers.

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