Costain reveals record order book

Engineering contractor also reports an 8% rise in pre-tax profit, while revenues increased 14%

Engineering contractor Costain has announced a record order book after securing work on a series of major infrastructure project.

The Maidenhead-based firm said forward orders increased by 10% to £3.2 billion in the first half of the year as it secured more than £700 million of new contracts and extensions in the period.

Costain reported adjusted pre-tax profit climbed 8% to £9.1 million, while revenues increased 14% to £529.1 million.

New contracts included an appointment to Network Rail's £2 billion electrification programme as well as work on a section of London's Crossrail project.

It also won a further commission with energy giant Centrica for its Barrow gas terminals project in Cumbria, as well as work for National Grid.

Chairman David Allvey said: "We have delivered a strong performance in the first half of the year."

He said a capital raise of £70.3 million this year had helped the group take advantage of opportunities "to accelerate the group's development", and that it remained on course to deliver a result for the year in line with the board's expectations.

The 150-year-old business is also working on the decommissioning project at Sellafield and the redevelopment of London Bridge station for Network Rail.