Shares in Costain (COST) rose nearly 4 per cent after the engineering services group delivered an upbeat trading review for the year to 31 December 2016. Full-year results are expected to be in line with management expectations, and thanks to a number of new contract wins, the forward order book has been maintained at a record £3.9bn. In addition, Costain is also preferred bidder on contracts worth over £500m.
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The group's engineering tomorrow strategy is proving popular, providing clients with an end-to-end service to take them through the entire construction process. New wins include enabling works on the High Speed 2 rail link and upgrade work for National Grid. Strong cash generation left Costain with net cash of £100m at the year-end.
