With no significant borrowings and net cash of £144.3m on its balance sheet, both major and minor acquisitions are being pursued.
“We are actively progressing a number of opportunities ranging from bolt-on to transformational transactions, and all of which must meet a strict set of criteria in the event that they were to be concluded,” said chairman David Allvey.
Costain reported a 54% rise in pre-tax profits for 2010 despite a 3.6% fall in revenues.
Revenues fell slightly to £1,022.5m for 2010 (2009: £1,061.1m), while pre-tax profits rose to £27.9m (2009: £18.1m).
Order book at year-end stood at £2.4bn (2009: £2.6bn).
Mr Allvey said: We have delivered another excellent performance. Once again, the group has demonstrated its resilience in a continuing difficult economic environment. We are confident that our position in markets underpinned by strategic capital expenditure, regulatory commitment or essential maintenance requirements will continue to stand us in good stead.”
Chief executive Andrew Wyllie added: “Our growth aspirations and ambition for the business will be achieved by organic growth and by suitable acquisitions in line with strategy and we are progressing a number of options in this respect.”
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