Highlights
o Revenue increased to £1.1 billion (2013: £960.0 million)
o Underlying operating profit2 up to £28.7 million (2013: £27.4 million)
Enhanced balance sheet with a strong net cash position
o Successful capital raise of £70.3 million (net of expenses) completed in March 2014, to take advantage of the growing number of opportunities available to accelerate the Group's development
o Net cash balance of £148.5 million (2013: £57.7 million)
Unique customer focused strategy generating record order book
o Record forward order book up 17% to £3.5 billion (2013: £3.0 billion)
o Over 90% of order book comprises repeat orders and over 90% lower risk target cost, cost reimbursable forms of contract
Positive outlook and confidence in the future
o Over £1.0 billion of revenue secured for 2015, (as at 31 December 2013: over £750 million secured for 2014)
o Recommended final dividend of 6.25 pence per share taking the total dividend for the year to 9.5 pence per share on enlarged capital base (2013: 11.5 pence)
David Allvey, Chairman, commented:
"We have delivered another strong performance, with increases in revenue and underlying operating profit and an enhanced net cash position.
"Costain has an established reputation for innovative multi-disciplined services that enables the Group to win large, long-term contracts addressing the UK's national needs in energy, water and transportation.
"This strong market position and the additional capital secured during the year is enabling the Group to accelerate its growth, as demonstrated by a record order book of £3.5 billion."
