Costain Group PLC has released its results for the half-year ended 30 June 2024, showcasing continued strong financial performance. The company reported a revenue of 639.3m, with adjusted operating profit up 8.7% to 16.3m. The adjusted EPS also saw a significant increase of 27.3% to 5.6p. Costain Group PLC is on track to meet margin targets of 3.5% and 4.5% during FY 24 and FY 25 respectively, with an adjusted operating margin increase of 20bps to 2.5%.
The company has also increased its forward work position to 4.3bn, which is more than three times the FY 23 revenue, with contract wins across all sectors and significant growth in Water. Additionally, a 10m on-market share buyback has been launched, reflecting the company's strong balance sheet.
Alex Vaughan, Chief Executive Officer of Costain Group PLC, expressed confidence in the company's performance and strategic priorities, stating, "We are performing strongly and are progressing with our strategic priorities in our chosen growth markets, including broadening our customer and service mix." Vaughan highlighted the company's increased forward work position and the significant growth in earnings per share, emphasizing the quality of their earnings and their confidence in the long-term prospects.
The company's focus on industry-leading solutions, predictable performance, and long-term established customer relations has seen them win further significant Water contracts post period end, with expectations of further wins for the Group in the second half of the year. The strong highly visible market investment gives Costain Group PLC good visibility on future revenue and margin, and they remain confident in the Group's prospects.
The announcement of a 10m share buyback reflects the company's confidence in its long-term prospects and strong cash position. For more details, the full announcement can be accessed on the Costain Group PLC website.