Costain鈥檚 finances are in steady shape, with 拢140m cash in the bank and no significant debt. Despite reporting a 3.5% fall in annual revenue to 拢986.3m for 2011 (2010: 拢1,022.5m), profitability improved.
While there was a 14.3% fall in pre-tax profits to 拢23.9m (2010: 拢27.9m), adjusted group operating profit was up 38% to 拢24.1m (2010: 拢17.4m).
The order book grew from 拢2.4bn to 拢2.5bn during the year.
Chief executive Andrew Wyllie said: 鈥淐ostain has delivered another strong performance. The implementation of our 'Choosing Costain' strategy continues to transform the group, as we develop or acquire the skills and capabilities to reinforce our position as one of the UK's leading Tier One engineering solutions providers.
鈥淟ooking ahead, whilst mindful of economic conditions, we see significant opportunity for the continued successful implementation of our strategy which, in turn, will lead to the delivery of the board's ambition of doubling profit over the medium term.鈥�
Costain鈥檚 performance was boosted by the acquisitions during the year of ClerkMaxwell and Promanex. Chairman David Allvey suggested that further acquisitions could be expected. 鈥淥ur strong cash position, robust balance sheet and increased banking and bonding facilities provide us with the resources to grow the business by acquisition as well as organically,鈥� he said.
鈥淭he ongoing drive, both organically and by acquisition, to broaden our services across engineering consultancy, construction, and operations and maintenance will remain a key priority in 2012.鈥�
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