Costain's Aberdeen team busy with North Sea studies, but group profits plunge

Demand for studies from North Sea operators was not enough to stop profits plunging at UK infrastructure firm Costain in the first half.

Berkshire-headquartered Costain said its Aberdeen engineering centre was conducting a “significant number of studies” for Premier Oil, Ithaca and Taqa.

But the London-listed firm was impacted by delays to start dates on a number of contracts and the cancellation of a project.

First-half, pre-tax profits slid 57% to £8.4 million at Costain, whose Granite City office is at Carden Place, while revenues sank 21.7% to £594.1m.

However, the company said it was on track to hit its recently revised, full-year targets.

Costain also secured £1.1 billion worth of new contract awards and extensions during the reporting period, swelling its order book to £4.2bn at June 30.

Shares were up 11.28% to £1.61 as of 3:25pm.

Source link

Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram