Costain launches £100m rights issue to shore up creaking balance sheet

By Dave Rogers2020-03-11T09:22:00

Firm sank into the red last year

Shares in Costain dived 24% this morning after the contractor announced a £100m rights issue to shore up its balance sheet after nosediving into the red last year.

The firm said it was facing growing demands on its cash from the government’s prompt payment code and the increased use of project bank accounts. The firm improved its average payment time in 2019 from 58 days to 34 days.

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