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Costain Group PLC - Maidenhead, England-based infrastructure construction firm - Pretax loss narrows to £13.3 million in 2021 from £96.1 million in 2020, as revenue rises 16% to £1.14 billion from £978.4 million. Says result is in line with market expectations, having guided back in December to an as-expected result. Adjusted operating profit was £30.1 million in 2021, up from £18.0 million, as adjusted operating margin improved to 2.6% from 1.7%. Net cash balance rises to £119.4 million at the end of December from £102.9 million a year before, but declares no dividend for either 2021 or 2020, saying it isn't ‘appropriate’ to do so. Promises to continue to review the reinstatement of dividends in light of performance.
‘Looking ahead, while we are mindful of the macro-economic backdrop, we have already secured more than £1 billion of group revenue for 2022 and have entered the new year with good momentum,’ says Chief Executive Officer Alex Vaughan. ‘We expect to deliver further progress in 2022.’ Costain Chair Paul Golby will step down within the next 12 months, once a successor is found. He has been in post since 2016.
Current stock price: 38.84 pence, up 6.0% on Wednesday
12-month change: down 44%
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