Infrastructure specialist Costain PLC (LON:COST) is on course to meet full-year expectations after trading well in the first half of the year.
The order book at the end of June was unchanged from a year earlier at £3.7bn. The group also has a preferred bidder position of around £400mln and tendering levels remain high, Costain said.
READ: Construction firm Costain on track with full-year results as new orders roll in
The net cash position was positive at around £75mln, albeit down from £87.5mln a year earlier, reflecting the timing of receipts. The average month-end net cash was around £90mln in the first six months of the year, compared to £97.3mln in the corresponding period of 2017.
Costain happy with H1 performance, on-course for FY expectations; order book flat at £3.7bn, preferred bidder on a new £400 contract.
— Mike van Dulken (@Accendo_Mike) July 3, 2018
Costain said it continues to evolve in a market where technology and innovation across infrastructure are creating a wide range of exciting new opportunities.
“This is evidenced by the number of recent technology contract wins, including the M6 J21a-26 smart motorway contract and Motorway Incident Detection and Automated Signalling (MIDAS) technology systems contract for Highways England,” the group said.