Trading Update with Strong Forward Work Position
FY24 adjusted operating profit in line with expectations; forward work position increased £1.5bn to £5.4bn.
vs expectations: in line
- Forward work position £5.4bn (prior £3.9bn)
- Increase in forward work £1.5bn
- Adjusted operating profit FY24 in line with market expectations
- Net cash FY24 in line with market consensus
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Costain Group PLC ("Costain" or the "Group") today confirms that it will announce its full year results on 11 March 2025. Trading for FY 24 has been positive with Group adjusted operating profit expected to be in line with market expectations and net cash at the end of the year in line with market consensus1.
Costain finished the year strongly:
- Growing in strategic markets with further significant Water and Rail awards announced in H2 24.
- Continuing to broaden and grow its Tier 1 customer base.
- Growing its consultancy services, including the engineering, procurement and construction (EPCm) award following the FEED contract for the bp joint ventures Net Zero Teesside Power and the Northern Endurance Partnership, and a second hydrogen FEED contract.
Costain has seen a substantial increase of £1.5bn in its high-quality forward work position to £5.4bn (FY 23: £3.9bn) at the end of FY 24. This, together with growth on existing frameworks and attractive levels of bidding activity, gives the Group increasing confidence in its ability to deliver further growth in operating profits and margins.
1 Market expectations for FY 24 adjusted operating profit is between £41.9m and £43.3m with market consensus for net cash of £160.0m.
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