Costain has announced that the Group’s order book now stands at a new record level of £3.5 billion (31 December 2013: £3.0 billion).with the publication today of its trading update for the year ended 31 December 2014,ahead of its full year results announcement on 3 March 2015.

The engineering solutions provider said that since the announcement of the Group’s Interim Management Statement on 5 November 2014 it had continued to perform well and would deliver a full-year result in line with the Board’s expectations.

During the year the Group has been awarded multi-disciplined, large scale contracts in energy, water and transportation, including the appointment by Southern Water for its AMP 6 investment programme.

As well as including over £1.0 billion of revenues secured for 2015 (as at 31 December 2013: over £750 million secured for 2014), Costain said the order book also provides good long-term visibility with £2.5 billion of revenues secured for 2016 and beyond.

The statement says that the increasingly strategic nature of Costain’s long-term customer relationships has ensured that over 90% of the order book comprises repeat business and is in target cost, cost reimbursable, collaborative forms of contract providing good long-term visibility. The Group also has a strong preferred bidder position of over £500 million, and is actively tendering for work across all its target markets.

The Group finished the year with a strong net cash position of over £140 million.

Commenting on the results, Andrew Wyllie CBE, Chief Executive, said:

“We have finished the year with a record order book and strong net cash position, providing confidence and visibility for the future.”