Costain have published their half year results, demonstrating continued strong performance to the end of June 2024
Costain have published their 2024 half year results, detailing a strong position to the end of June 2024.
This includes a £4.3bn forward work position, stronger than last year.
Costain half year results show they are up in most measures
The Costain half year results show a revenue of £639.3m, down from the same period of 2023, but this is due to growing natural resources and a slight reduction in transportation.
Adjusted operating profit is up by 8.7%, to £16.3m from 2023’s £15m. The reported operating profit was £13.9m, still up from 2023’s £7.6m.
The report also suggests that Costain is on course to meet their margin targets of 3.5% in FY 24 and 4.5% in FY 25.
Costain’s half year results also show that they have experienced a boost in their work forward position of £4.3bn, more than three times the FY 23 revenue.
They are confident for the future
Alex Vaughan, CEO of Costain, said: “We are performing strongly and are progressing with our strategic priorities in our chosen growth markets, including broadening our customer and service mix. In the first half we have delivered a further significant increase in operating profit together with a sharp growth in earnings per share. The net cash balance grew to £166m, adjusted operating margin increased as expected, and due to the quality of our earnings, we remain on track to deliver our margin targets during FY 24 and FY 25.
“As a result of our strong performance and valued long-term relationships with our customers, we have increased our forward work position to a very healthy £4.3bn at the half year, with contract wins across all our sectors. Our focus on industry-leading solutions, predictable performance and long-term established customer relations has seen us win further significant Water contracts post period end and we expect further wins for the Group in the second half of the year.
“The quality and customer balance of our forward work position across our two divisions, together with strong highly visible market investment, gives us good visibility on future revenue and margin. We continue to deliver improvements in the business and remain confident in the Group’s prospects.”
