Costain off to strong start in 2014

Costain says it has got off to a strong start in 2014, with its order book now at a record level of £3.2bn, £200m ahead of where it was at the start of January.

In an interim management statement issued ahead of its AGM today, the engineering group says it has been benefiting from clients looking to reduce the number of tier one contractors they deal with.

This has led it to win a string of large contracts so far this year, including an £150m contract from Network Rail to build Crossrail station infrastructure between Stratford and Shenfield.

It has also been appointed to three of National Grid’s frameworks as part of its plan to invest £2.5bn on new electricity lines and £6.9bn on upgrading gas infrastructure by 2021.

Some 90% of Costain’s order book is from repeat orders.

The group says it is well positioned to benefit from being one of the few companies in the market which can provide such a wide range of services.

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