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Costain shares lifted after pre-close update

Last updated: 07:22 04 Jan 2013 GMT, First published: 08:22 04 Jan 2013 GMT

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Shares in engineering group Costain (LON:COST) were lifted today after it revealed it has secured more than £700 million of work for 2013.

In a pre-close update, the firm, which announces its results for the year to Dec 31 on March 6, said it continued to perform well and consequently finished the year in line with management expectations and in a "strong" cash position.

The group finished 2012 with a high quality order book of £2.4 billion (2011: £2.5 billion) of which over 90% is repeat orders, providing good long-term visibility, it said.

Chief executive Andrew Wyllie told investors: "Costain continues to be successful by focusing on meeting the increasingly integrated service requirements of major customers.

"Utilising a partnership approach, the group provides innovative and cost effective solutions to complex and large-scale customer requirements through its consulting, project delivery and operations and maintenance capability."

Shares rose 1.88% to stand at 257 pence each.

 

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