Costain FY24 trading 'positive', operating profits seen in line with consensus
Construction firm said on Monday that trading had been "positive" in FY24, with adjusted operating profits expected to be in line with market expectations of £41.9m-43.3m.
Costain stated it had seen "a substantial increase" of £1.5bn in its high-quality forward work position to £5.4bn and said this, together with growth on existing frameworks and "attractive levels of bidding activity", gave it "increasing confidence" in its ability to deliver further growth in operating profits and margins.
The London-listed firm also noted that it had "finished the year strongly", with growth in strategic markets, broadening and growth in its Tier 1 customer base and the expansion of its consultancy services.
Costain also said FY24 net cash was expected to be in line with expectations of approximately £160.0m. Costain will report its FY24 earnings on 11 March.
As of 0940 GMT, Costain shares were up 6.74% at 91.80p.
Reporting by Iain Gilbert at Sharecast.com
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