Business
Results for the six months ended 30 June 2024
Results for the six months ended 30 June 2024.
About this update from Costain Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INFORMATION WITHIN THE MEANING OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK LAW BY VIRTUE OF\nTHE EUROPEAN UNION (WITHDRAWAL) ACT 2018\n \n 21 AUGUST 2024 \nCOSTAIN GROUP PLC\n(\"Costain\", the \"Group\", or the \"Company\")\nRESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2024 (\"H1 24\")\n\n\n\n\nContinued strong financial performance, with a £4.3bn forward work position.\n\n\n\n\n· Revenue of £639.3m (H1 23: £664.4m) reflecting growth in Natural Resources, and as expected, a small reduction in Transportation.\n· Adjusted operating profit1 up 8.7% to £16.3m (H1 23: £15.0m) reflecting an increased operating margin in Transportation and increasing volumes and margin in Natural Resources. Reported operating profit was £13.9m (H1 23: £7.6m).\n· On course to meet margin targets of 3.5% and 4.5% during FY 24 and FY 25 respectively. Adjusted operating margin1 increase of 20bps to 2.5% (H1 23: 2.3%), with margin growth in both divisions.\n· Adjusted EPS up 27.3% to 5.6p (H1 23: 4.4p) driven by interest earned on stronger net cash position and adjusted operating profit increase. Reported EPS was 5.0p (H1 23: 1.9p).\n· Increased high quality forward work2 position of £4.3bn of more than three times FY 23 revenue (FY 23: £3.9bn; H1 23: £4.0bn), with contract wins across all sectors and significant growth in Water. At least a further £500m of Water contracts won post half year.\n· Interim dividend payment of 0.4p (H1 23: 0.4p), in line with H1 23.\n· Strong balance sheet and as separately announced today, a £10m on-market share buyback launched.\n \nFinancial summary\n\n\n\n\n(£m unless otherwise stated)\n\n\nH1 24\n\n\nH1 23\n\n\nChange\n\n\n\n\nRevenue\n\n\n639.3\n\n\n664.4\n\n\n(3.8)%\n\n\n\n\nAdjusted operating profit1\n\n\n16.3\n\n\n15.0\n\n\n8.7%\n\n\n\n\nAdjusted operating margin1\n\n\n2.5%\n\n\n2.3%\n\n\n20bps\n\n\n\n\nAdjusted profit befor...