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Costain Group PLC on Monday said it anticipates annual profit in line with market expectations, as it finished 2024 ‘strongly’.
The London-based construction and engineering firm said it expects to post adjusted operating profit for 2024 in line with market expectations, citing a company-compiled consensus range between £41.9 million and 43.3 million.
This would represent between a 4.4% and 7.7% growth from £40.1 million last year.
The group also expects to see net cash at the end of the year in line with a £160.0 million market forecast, down 2.7% from £164.4 million the year before.
Costain said it saw a ‘substantial’ rise in its ‘high-quality forward work position’, standing at £5.4 billion at the end of 2024. This was up 32% from £3.9 billion at the end of 2023, driven by pact awards in the water and rail sectors.
‘This, together with growth on existing frameworks and attractive levels of bidding activity, gives the group increasing confidence in its ability to deliver further growth in operating profits and margins,’ Costain said.
Shares in Costain Group were up 8.1% at 93.00 pence each in London on Monday morning.
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