Costain improves cash position
Costain’s cash position as at the end of 2020 was stronger than expected.
The news came as the infrastructure firm issued a trading update for the year ended 31 December 2020.
Costain’s year-end net cash position was £102.5m, which the firm said was ahead of expectations. By comparison, on 31 December 2019 its net cash position was £64.9m. The £102.5m the contractor now holds comprises £89.5m of cash, a £61m share of cash in joint operations and £48m of drawn debt. The average month-end net cash balance for the second half was £100.8m (2019 full year: £41.2m).
Meanwhile, Costain’s year-end order book stands at £4.2bn (31 December 2019: £4.2bn), with just over £1bn secured for 2021, compared to £940m secured for 2020 at end of the 2019 financial year.
The group will be announcing its results for the year ended 31 December 2020 on 9 March 2021.