Settlement Agreement relating to the A465 contract

RNS Number : 3071P

Costain Group PLC

17 February 2021

 

Costain Group PLC
 

("Costain" or "the Company" or "the Group")

Settlement Agreement in relation to the A465 contract

Costain, the smart infrastructure solutions company, announces it has entered into a  settlement agreement with the Welsh Government in relation to the A465 contract ("Settlement"). 

The financial terms of the Settlement are in line with the provision made by the Group for the year ended 31 December 2020. As a result of the Settlement, the Company has certainty of the final account sum payable by the Welsh Government to the Company, including further milestone payments.

Work on the contract is nearing completion, and the Company continues to be responsible for the delivery and the management of associated project risks for the remaining works, which are scheduled to be completed in September 2021.

ENDS

Enquiries:

Costain :

Helen Willis, Chief Financial Officer                                                  Tel: [phone]

MHP Communications Tim Rowntree, Peter Hewer

Tel: [phone]    [e-mail]

 

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