Contain expected dividends after a 4-year hiatus
Infrastructure company Costain has hinted that it may be close to paying a dividend for the first time in years.
The company, which has contracts on the HS2 rail project and several UK highways, said it would make an announcement “shortly”.
Dividends have been on hold since 2019, but there may be an interim dividend for the period through June 30, chief executive Alex Vaughan said.
Infrastructure company Costain has hinted that it may be close to paying a dividend for the first time in years.
Costain said that the government has decided to change the phases and scope of some important transport contracts.
In March this year, the government said that part of the HS2 rail project would be delayed by two years.
“The positive outlook remains, although the short-term reprogramming of government transport spending is acknowledged,” Vaughan said.
The company said its joint venture that is working on HS2 has three of its seven TBMs in operation. Two of them have completed a mile of tunneling.
The company said pre-tax profit had fallen from £11.2m to £8.3m in the six months to the end of June, while revenue fell 0.1% to £664m.
