Smart infrastructure solutions company, Costain has announced another good first half year performance with progression in Group margin generating an increase in underlying operating profit.

The Group remains on course to deliver full year results in line with the Board's expectations and announces an 8% increase in the interim dividend.

Half year results published by the company, include:

• underlying operating profit up 8% to £22.8 million (£21.2m in 2017)

• revenue, including share of joint ventures and associates, of £772.9 million (£874.5m in 2017)

• net cash2 balance of £77.7 million (£87.5m in 2017) with average month-end net cash of £90.8 million (£97.3m in 2017)

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• proactively aligning the Group with the fast-changing market environment

• differentiated by offering the range of integrated technology enabled services increasingly required by clients

• planned expansion to a new enlarged technology centre

• one third of its people are now in consultancy or technology roles

• higher quality order book of £3.7 billion, of which over 90% continues to be repeat business (£3.7bn in 2017)

• over £1.4 billion of revenue secured for FY 2018 at 30 June 2018

• interim dividend increased by 8% to 5.15 pence per share (2017: 4.75 pence).

Welcoming the results, Andrew Wyllie CBE, chief executive, said: "We delivered another good performance in the first half of the year. The progression in Group margin generated growth in underlying operating profit enabling an 8% increase in the interim dividend.

"This performance is due to our differentiation as we evolve into the UK's leading smart infrastructure solutions company. The shape and nature of our activities continues to develop, reflecting our clients' changing needs and their demand for integrated solutions to improve the performance and capacity of their assets.

"Our higher quality order book provides good visibility for the Group's future performance and we are on course to deliver full year results in line with the Board's expectations."

(MH/CM)