Business
Update on COVID-19
Update on COVID-19.
About this update from Costain Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 1297I\n Costain Group PLC\n 31 March 2020\n \n \n \n \n \n \n \n 31 March 2020\n \n \n \n \n \n Costain Group PLC\n \n \n \n \n \n (\"Costain\" or the \"Group\" or the \"Company \")\n \n \n \n \n \n Update on COVID-19\n \n \n \n \n \n Costain, the smart infrastructure solutions company, today issues the following update on the impact of COVID-19.\n \n \n \n \n \n COVID-19\n \n \n \n \n \n In managing our response to COVID-19, we have four priorities:\n \n \n \n \n \n · \n Doing the right thing for society;\n \n \n · \n Ensuring the safety and wellbeing of all our workforce, supply chain partners, clients and the communities we work in;\n \n \n · \n Continuing to support our clients in the delivery of their critical national services; and\n \n \n · \n Protecting the financial strength of the Group.\n \n \n \n \n \n All employees who can work from home are now doing so and have the technology and capabilities to continue to service our clients. For those who are recognised as essential workers providing critical work on construction sites, we have put in place strict measures to ensure their health and safety, which comply as a minimum with the Government's prescriptive guidance as to social distancing at work. \n \n \n \n \n \n The impact and response to COVID-19 is uncertain and we remain in active discussions with our clients to understand what work can and should continue with the appropriate safety measures. Whilst over 95% of our revenues are for government agencies or regulated businesses, the current circumstances are having a varied impact on our operations:\n \n \n \n \n \n · \n Where we provide a critical range of services to strategic highway, local authority clients and to water utilities, we have seen our activities continue at safe levels of operation. These services represent c 50% of our annual revenues.\n \n \n · \n In our consultancy services to energy, defence and aviation, which together represent c 10% of our annual revenues, we are seeing little change in demand.\n \n \n · \n However, in London to ensure safe travel while social distancing and where operational issues affect us, on-site construction activities including on our Crossrail, HS2 Enabling Works and Thames Tideway contracts have been paused, pending furth...