(Alliance News) - Costain Group PLC on Thursday said trading in the year to date is in line with expectations, underpinned by a number of contract wins.

Ahead of Thursday's annual general meeting, the Maidenhead, England-based construction and engineering company said that, while it is "mindful of the macro-economic backdrop, it remains confident in the group's strategy and medium to long-term prospects."

Costain said it continues to have a high-quality forward work position that "aligns with its strategic plans" for both the Transportation and Natural Resources divisions.

The company said it is in line to deliver its margin targets of an adjusted operating margin run-rate of 3.5% during the course of 2024 and 4.5% during the course of 2025.

The average weekly net cash position from January 1 to April 30 was GBP168.8 million, compared to GBP122.9 million a year prior.

Costain highlighted a number of contract wins in 2024 so far, including awards from BP PLC, Northumbrian Water, Thames Water and Transport for London.

Shares in Costain were up 1.8% to 81.40 pence in London on Thursday afternoon.

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.