Costain, the smart infrastructure solutions company, today issues a trading update for year ended 31 December 2020.
Since announcing interim results on 14 September 2020, the Group in responding to Covid-19 has continued to operate productively with effective safety measures in place across all contracts. The Group’s underlying trading has remained profitable with good cash generation. New work has also continued to be secured, in line with the Group’s strategic ambitions. The Board therefore expects to report full year results in line with expectations.
The year-end order book stands at £4.2 billion (31 December 2019: £4.2 billion), with c £1,020 million secured for 2021 (c £940 million secured for 2020 at end of FY19). The Group has a strong year-end net cash position of £102.5 million, ahead of expectations, (31 December 2019: £64.9 million) comprising £89.5 million of cash, £61.0 million share of cash in joint operations and £48.0 million of drawn debt. The average month-end net cash balance for the second half was £100.8 million (2019 full year: £41.2 million).
The Group will be announcing its results for the year ended 31 December 2020 on 9 March 2021.