Would anyone know why there has been such a large number of shares sold and no buying? Is there something we are not aware of?

Great little company this.....with the pension being dealt with, should go a lot, lot higher if the market picks up.....

BullBearings ‏ @Bullbearings

Ahead of the game: Costain FY results due tomorrow. Analyst Andy Brown at Panmure says 'buy' as although UK... http://fb.me/1rpOBpiGQ

Final Results.

Highlights


· Increase of 38% in adjusted Group operating profit2 to £24.1 million

· Year end order book increased to £2.5 billion, in excess of 90% from repeat orders (2010: £2.4 billion)

· £140 million year-end net cash balance, no significant debt

· Banking and bonding facilities increased to £465 million and extended to September 2015

· Two successful acquisitions completed in 2011, broadening the range of services provided by the Group

· Support services activities now represent 25% of work secured for 2012


· Recommended 8% increase in dividend for the year: 5th successive year of increase

· On course to achieve ambition to double profits in the medium-term

Absolutely smashes concensus forecasts
of just under £22 million operating profit
which the brokers were looking for.

Dividend raised aswel......

COST

Smashes broker concensus figures apart.

http://www.investegate.co.uk/Article.aspx?id=201203070700318497Y

SP breaking out of the triangle and
moving up.............

BRIEF-Costain posts higher full year operating profit
07 Mar 2012 - 07:04

LONDON, March 7 (Reuters) - Costain Group PLC :

* Auto alert - Costain Group PLC final dividend 6.75 pence per share

* Full year adjusted group operating profit 24.1 million STG

* On course to achieve goal to double profits in the medium-term

Costain orders ahead

Engineering solution provider Costain announced a 38% increase in operating profit for the year to end-December, with an increased order book.

The group said it maintained strong cash balances and increased its final dividend.

There was an increase of 38% in adjusted group operating profit to £24.1m.

Year end order book increased to £2.5bn, in excess of 90% from repeat orders (2010: £2.4bn).

There was a £140m year-end net cash balance and no significant debt.

Banking and bonding facilities were increased to £465m and extended to September 2015.

Two successful acquisitions were completed in 2011, broadening the range of services provided by the Group.

Costain said support services activities now represent 25% of work secured for 2012.

The group recommended an 8% increase in dividend for the year: 5th successive year of increase.

Costain said it was on course to achieve the ambition to double profits in the medium-term.

David Allvey, Chairman, commented: "Costain delivered another strong performance in 2011, with operating profit up substantially and an increased order book.

"The Group has been successful in targeting those blue chip customers who are spending billions of pounds per annum on essential capital projects and ongoing maintenance of essential, nationally strategic assets. This provides a major opportunity to grow the business further.

"We are transforming Costain into a broad-based Tier-One engineering solutions provider, aligned with structural market changes. Winning projects such as the complex £400 million London Bridge redevelopment is testimony to that. Meanwhile, our 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.

"Our confidence in Costain's future, and in achieving our ambition of doubling profit over the medium-term, is reflected in the Board's recommendation to increase the final dividend for the fifth successive year."

Massive Broker upgrade just out......

Costain Group FTSE SMALLCAP Industrial Buy 315 207 52.2% Investec


Target SP 315P upside 52.5%

WOW that is one hell of an upgrade.

GF - don't forget BBY reporting tomorrow.

Havent Skinny. Got it sorted if they are good. Already posted a bit over the road.

Costain Awarded GBP60m Oil & Pipelines Agency Contract

Costain, one of the UK's leading engineering solutions providers, announces that it has been awarded a three-year asset support contract for the operation and maintenance of the Government Pipeline and Storage System.* The contract is expected to have a value over three years of approximately GBP60m, and has the potential to extend for a further two years.

The Group was awarded the contract by the Oil and Pipelines Agency (OPA), which manages the Government Pipeline and Storage System and six Royal Navy oil fuel depots on behalf of the Ministry of Defence. Under the terms of the contract Costain will be responsible for asset management and capital project delivery in addition to operations and maintenance of the entire network.

As well as bringing to bear Costain's skills and capability in engineering, construction and project management, the operations and maintenance experience of Promanex, which the Group acquired in August 2011, was instrumental in securing the contract.

Andrew Wyllie, Chief Executive of Costain, commented:

"The award of this contract by a new customer demonstrates the value that Promanex has brought to Costain in providing the full life of asset services in high growth market sectors. It also marks an important stage in the ongoing transformation of the Group as we continue to broaden our service offering, both organically and by targeted acquisitions."

"Our strategy of focussing on major customers whose spending plans are driven by national need, regulatory commitments or essential maintenance requirements continues to deliver results. We look forward to working with the OPA to ensure the safe, cost effective and efficient operation and maintenance of this strategic national asset."

*As referenced in the full year results announcement of 7 March 2012

yes excelent new contract win skinny.

GF- re post 270

There was a £140m year-end net cash balance and no significant debt.

Is this correct? if so its more than the value of company

That is correct devon, been the same situation for the last few years (not sure how many without looking it up)
Surprising we haven't been take out by now.

There used to be a problem with a pension fund deficit. Has that been sorted yet?

TOK, they do keep making inroads into the deficit:

Costain Pension Scheme

23 February 2012

Costain, one of the UK’s leading engineering solutions providers, today announces further actions taken to manage the obligations in the legacy Costain Pension Scheme (the ‘CPS’).

The Board has agreed with the Trustee of the CPS to transfer the Group’s interest in a portfolio of two PFI investments into the CPS, at an agreed valuation of £20.3 million. This represents an effective discount rate of circa 7%. As a result of the transaction, the accounting profit realised on the transfer of the assets is £10.2 million in 2012.

Furthermore, as part of the package of measures being implemented, the Group has instigated a liability risk management exercise. The Group is in the process of issuing Enhanced Transfer Value and Pension Increase Exchange offers to the members of the CPS. These initiatives, which potentially include every member of the CPS, will offer each individual greater choice and flexibility regarding their pension entitlement, and will also reduce the overall pension liabilities and risk remaining within the scheme. The level of liability reduction will depend on the take-up of the offer by members and financial conditions at the point the entire exercise completes (expected to be May 2012). At this stage, it is estimated that the initiatives could reduce the scheme liabilities by approximately £50 million, and could incur a one-off accounting cost, estimated at £6 million, to be expensed in 2012.

Together, the above actions are estimated to reduce the pension deficit by approximately £16 million, with an associated potential reduction in annual deficit contributions, following the next triennial actuarial valuation of the CPS which is due as at 31 March 2013.


Notes:

1. The two PFI assets transferred into the CPS are:

Integrated Bradford Holdco Two Limited
Lewisham Schools For The Future Holdings 2 Limited

2. The gross asset value as at 30 June 2011 of the two PFI investments transferred was £7.5 million (31 December 2010: Nil) after the IAS 39 mark-to-market swap adjustment and £8.9 million (31 December 2010: £0.2 million) excluding this adjustment.

The profits attributable to the two PFI assets for the six months to 30 June 2011 were £0.2 million (for the twelve months to 31 December 2010: £0.1 million).

3. The IAS19 gross deficit in the CPS as at 30th June 2011 was £35.8 million.

What a move today! Now if this wasn't Costain we could be rocketing to new highs....oh heck what have I said :-/
.... well at least we can't go down until the morning :-))

Up again....




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I noted its sensitivity to small buys on 28th Feb.Mms were keeping it down. Not much furtehr after then.