Costain interim profitability improves, secures £334.3m of new work in H1

Infrastructure solutions firm Costain said on Wednesday that profitability had improved over the six months ended 30 June, in line with internal expectations.

Costain said operating profits had more than doubled to £11.5m, while the group also swung from a statutory reported pre-tax loss of £92.3m in the first half of 2020 to a profit of £9.1m a year later. Adjusted earnings per share increased from 2.1p a year ago to 2.8p at the halfway point of 2021.

The London-listed firm stated the revenues nudged up 1.74% to £556.8m after it secured £334.3m of new work during the half.

Net cash balances fell from £140.9m to £113.0m.

Chief executive Alex Vaughan said: "We are pleased to report an improved level of profitability and a strong cash position, demonstrating the focus on trading performance and cash generation across the business.

"We have good visibility on the completion of contracts for the remainder of this year which gives us confidence in delivering full-year results in line with our expectations."

As of 0820 BST, Costain shares were up 0.32% at 63.50p.