Firm due to release 2023 numbers in March

Costain ended last year with one third more cash than analysts were expecting, the firm said in a trading update this morning.

It said it closed out 2023 with £164.4m of next cash, higher than the £128.6m pencilled in by the market.

“We expect to deliver adjusted operating profit in line with market expectations,” Alex Vaughan, CEO, Costain said.

Alex Vaughan_web

Chief executive Alex Vaughan will announce Costain’s results on 12 March

“Our cash performance has been very strong, driven by continued improved operational performance, an increase in financial income compared to 2022, and ongoing positive working capital timings.”

The firm is due to release its full year results on 12 March.

Meanwhile, Costain is one of seven firms to win a place on Northumbrian Water’s £670m infrastructure upgrade programme.

The Northumbrian Water Asset Management Period 8 framework contract starts immediately and will run for a seven-year initial term with an option for a five-year extension.

Others to secure spots include Bam Nuttall, Farrans and Mott MacDonald Bentley.

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