Costain Regulatory News (COST)

Costain Group PLC ("Costain") One of the UK's top industry magazines has voted Costain the outstanding contractor of the decade.

The 'Contractor of the Decade' Award was announced this week by New Civil Engineer at the magazine's annual awards. New Civil Engineer stated:

"In the late 1990s Costain was in a dire state - close to financial collapse, it took three years of austere stewardship from then chief executive John Armitt - the current chairman of the Olympic Delivery Authority - to turn the company around and then another 10 - under Stuart Doughty and his successor Andrew Wyllie - to make it into the company it is today. "And today it is very much a company on the up." "In New Civil Engineer's 2001 Contractors File, the firm (Costain) was placed thirteenth, with a civil engineering turnover of £150 million. Since then it has risen steadily to fifth, with a £791 million civils turnover this year - a 427% increase. This rise is unmatched by any other firm in the upper echelons of the File. Closest is Balfour Beatty - Britain's biggest contractor, and a firm which also enjoyed a tremendously strong decade. But unlike Costain, its growth was in part due to major acquisitions." New Civil Engineer quoted Stephen Wells, Costain Group Strategy and Business Development Director, as saying:

"Our goal is to attract, retain and develop the best people by providing a challenging and stimulating working environment where people enjoy their jobs, fulfil their potential and are recognised for their efforts." All the top names in the industry - Balfour Beatty, Carillion, Sir Robert McAlpine etc - were in the running for the Award but as New Civil Engineer stated: "For being a firm recovering from near collapse to one with a bold strategy for the future, Costain is New Civil Engineer's Contractor of the Decade."

6 August 2010

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