Costain Group PLC
27 April 2006
Costain Group PLC
('Costain' or the 'Group')
Annual General Meeting
At the Company's Annual General Meeting held today, the Chairman, David
Jefferies, made the following comments:
Costain is making good progress.
As we reported in our preliminary results announcement, we are particularly
pleased with the forward order book which not only stands at record levels but,
more importantly, includes secure work over a five-year term of which a
significant proportion is repeat business. Since the year end, further contract
awards have maintained the forward order book at a level of £1.9 billion.
Volume is up in the first quarter driven largely by the increased activity in
water asset management where Costain is the market leader.
Andrew Wyllie, our new Chief Executive, has completed a comprehensive business
review following which Andrew and his executive team are implementing the
Group's new 'Being Number One' strategy.
There have been other significant recent developments.
Following the restructuring last year of the Group's balance sheet, the Board
will be able to consider, subject to delivering planned business performance and
prevailing trading conditions, a resumption of a final dividend payment in
respect of 2006.
A resumption of dividend payments must also take into account our obligation to
address the remaining deficit on the Group's pension scheme and the Board has
agreed with the Scheme Trustee that a resumption of dividend payments will be
matched pound for pound by a payment into the scheme.
As previously reported, Charles McCole, Finance Director, is stepping down from
the Board. We wish him well for the future. Charles will shortly be succeeded
by Anthony Bickerstaff, Finance Director of Taylor Woodrow Construction Limited.
In summary, I would repeat my comments accompanying the announcement of the
year-end results.
The current year has started well, with continuing high levels of customer spend
in our targeted markets. Our 'Being Number One' strategy will see a greater
emphasis on establishing market leading positions in selected sectors and this,
combined with other actions, will help ensure that Costain meets its new
objective of achieving double-digit growth in turnover and underlying
profitability over the next three years.
27 April 2006
ENQUIRIES:
Costain Group PLC Tel: 01628 842 444
Andrew Wyllie, Chief Executive
Graham Read, Public Relations
College Hill Tel: 020 7457 2020
Mark Garraway
Matthew Gregorowski
This information is provided by RNS
The company news service from the London Stock Exchange
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