Costain returns to nearly all sites
Costain has returned to nearly all of its construction sites, although activity levels vary across its sites as a result of covid-19 safety measures.
The contract said that its critical range of highways services, work for local authority clients and water utilities as well as its consultancy services across all its markets have continue to progress working to modified methods.
Activity in London on-site is “more significantly impacted” to ensure safe working conditions and travel. Activity levels on these sites have now also improved and stabilised.
The news came in a trading update for the firm ahead of its AGM. Costain expects its order book to be around £4.2bn at the half-year end, having “replenished” the volume of work it has completed recently through a number of contract wins and extensions.
Last month, Costain completed a £100m capital raise to bolster its financial position and now has a net cash balance of £110m and £121m of additional undrawn committed bank debt facilities.
Chief executive Alex Vaughan said: “We are pleased to be back on site across substantially all of our operations, with activity levels now stabilised. I am proud of how our business has transitioned to new ways of working safely and productively during this challenging period for all of our colleagues, clients, supply chain partners and communities.
“We are already seeing the benefit from our strengthened balance sheet with several new contract wins and framework awards. The impact of Covid-19 remains uncertain, however, Costain is well positioned to successfully navigate through the current environment and capitalise on the significant opportunities that the UK infrastructure market offers. We remain confident in the positive forward outlook for the business.”
Costain will announce its interim results for the six months ending 30 June 2020