Business
Results for the six months ended 30 June 2023
Results for the six months ended 30 June 2023.
About this update from Costain Group Plc
[{"type":"text","content":"\n\n 23 AUGUST 2023\nCOSTAIN GROUP PLC\n(\"Costain\", the \"Group\", or the \"Company\")\nRESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023\n\n\n\n\nStrong performance in H1 and positive market outlook.\n\n\n\n\n· Reported and adjusted1 H1 23 revenue of £664.4m (H1 22: £665.2m).\n· Adjusted operating profit1 increase of 7.1% to £15.0m (H1 22: £14.0m) resulting from increasing volumes and margin in Natural Resources, and benefits from our Transformation programme.\n· Reported operating profit of £7.6m (H1 22: £11.9m), reflecting costs of repositioning digital services towards growth and our Transformation programme.\n· Adjusted operating margin of 2.3%, with 20bp increase on H1 22.\n· Net cash3 increase at half year to £132.1m (FY 22: £123.8m, H1 22: £95.9m).\n· Pension deficit payments substantially reduced following triennial review, and banking and surety facilities successfully refinanced.\n· Resumption of dividend payments being progressed.\n \n\n\n\n\nFinancial summary\n\n\n\n\n \n\n\n\n\n£m\n\n\nH1 23 adjusted1\n\n\n H1 23 adjustments1\n\n\n H1 23 reported\n\n\nH1 22\nadjusted1\n\n\nH1 22 reported\n\n\nAdjusted1 change\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n664.4\n\n\n-\n\n\n664.4\n\n\n665.2\n\n\n665.2\n\n\n(0.1)%\n\n\n\n\nOperating profit\n\n\n15.0\n\n\n(7.4)\n\n\n7.6\n\n\n14.0\n\n\n11.9\n\n\n7.1%\n\n\n\n\nOperating margin\n\n\n2.3%\n\n\n\n\n\n1.1%\n\n\n2.1%\n\n\n1.8%\n\n\n20bp\n\n\n\n\nProfit before tax\n\n\n15.9\n\n\n(7.4)\n\n\n8.5\n\n\n13.3\n\n\n11.2\n\n\n19.5%\n\n\n\n\nBasic EPS\n\n\n4.4p\n\n\n\n\n\n1.9p\n\n\n3.9p\n\n\n3.3p\n\n\n12.8%\n\n\n\n\nAdjusted free cash flow2\n\n\n26.5\n\n\n\n\n\n\n\n\n34.4\n\n\n\n\n\n(23.0)%\n\n\n\n\n\n\n\n\n\n\n\n\n\nH1 23\n\n\n\n\n\nH1 22\n\n\n \n\n\n\n\nNet cash balance3\n\n\n\n\n\n\n\n\n132.1...