Costain full year to be in line with expectations

Engineering group Costain said it performed strongly over the first half and is on track to deliver full year results in line with company expectations.

It said during the first half, it continued to secure significant new awards and extensions to existing contracts, "as a result of focussing on blue chip public and private sector customers whose spending plans are driven by national need, regulatory commitments or essential maintenance requirements," it said in an update ahead of its interim results.

The London based group said its forward order book currently stands at £2.4bn compared to £2.3bn the same time a year earlier.

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Costain said it continues to maintain a strong preferred bidder position of over £400m. As at the end of the first half, around £850m of revenue has been secured for 2012.

It also said following company actions, it has reduced the accounting pension deficit, before deferred tax, by approximately £18m.

Costain today announced a new joint venture with Severn Trent to provide business water and waste water management services to commercial and industrial water users.

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