19483 costain ar 15 - annualreports.co.uk · integrated consulting, project delivery and operations...
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COSTAIN GROUP PLC ANNUAL REPORT 2 015 1
Costain, the engineering solutions provider, delivers for customers
integrated consulting, project delivery and operations and maintenance services,
with a portfolio spanning 150 years of innovation and technical excellence.
The Company is committed to delivering sustainable value for shareholders and all stakeholders by enhancing lives through
meeting national needs.
+90%Repeat business
£3.9bnRecord order book
£1,316.5mRevenue1
+4,100Experts delivering
solutions
11.0pDividend per share
£33.2mUnderlying
operating profit2
1 Including share of joint ventures and associates.
2 Before other items; amortisation of acquired intangible assets and employment related and other deferred consideration.
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2 COSTAIN GROUP PLC ANNUAL REPORT 2 015
HIGHLIGHTSANOTHER STRONG TR ADING
PERFORMANCE
FINANCIAL HIGHLIGHTS
Revenue1
£1,316.5m2015 1,316.5
2014 1,122.5
960.0
934.5
2013
2012
Net cash balance
£108.2m2015 108.2
2014 148.5
57.7
105.7
2013
2012
Underlying operating profit2
£33.2m2015 33.2
2014 28.7
27.4
24.5
2013
2012
Adjusted basic earnings per share2
25.1p2015 25.1
2014 27.83
41.0
36.9
2013
2012
Total value of dividend pay-out
£11.2m2015 11.2
2014 9.5
7.7
7.0
3.8
3.2
2.5
2.3
7.4
6.3
5.2
4.7
2013
2012
Adjusted profit before tax2
£29.9m2015 29.9
2014 28.5
31.0
30.8
2013
2012
2015 2014
Revenue1 £1,316.5m £1,122.5m
Operating profit
– Underlying2 £33.2m £28.7m
Profit before tax
– Adjusted2 £29.9m £28.5m
– Reported £26.0m £22.6m
Basic earnings per share
– Adjusted2 25.1p 27.8p3
– Reported 21.8p 22.2p3
Net cash balance £108.2m £148.5m
Dividend per share 11.0p 9.5p
1 Including share of joint ventures and associates.
2 Before other items; amortisation of acquired intangible assets and employment related and other deferred consideration.
3 2014 earnings per share benefitted from a lower tax charge and was based on a lower average number of shares than in 2015.
These are the definitions used throughout the Strategic report.
Final Interim
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COSTAIN GROUP PLC ANNUAL REPORT 2 015 3
CONTRACT AWARDS NEWS
Asset Support ContractsAwarded by Highways England two new key Asset Support Contracts (ASCs) which cover the long-term maintenance and development of highways on the country’s Trunk Road Network. The ASCs are worth some £750 million over five years and have been awarded in joint venture partnership with Costain sharing a third of the value.
Thames Tideway TunnelAwarded the £605 million contract for the East works package of the Thames Tideway Tunnel in London in joint venture with VINCI Construction Grands Projets and Bachy Soletanche Ltd.
Smart motorwayAppointed by Highways England to deliver three smart motorway schemes in a Costain-led joint venture with Galliford Try worth in excess of £300 million. The smart motorway programme is part of Highways England’s Collaborative Delivery Framework, to which Costain was appointed in November 2014.
A14 worksAppointed by Highways England to deliver two of the three sections of the A14 Cambridge to Huntingdon Improvement Scheme, in joint venture with Skanska.
Paddington underground linkAwarded by London Underground Limited to create an underground link between Paddington Station’s Crossrail and Bakerloo line platforms.
32 RoSPA awards32 Royal Society for the Prevention of Accidents (RoSPA) awards which included two Orders of Distinction, two President’s Awards and three Gold Medals.
£36m acquisitionThe Group completed the £36 million acquisition of Rhead Group, a professional services consultancy providing a range of solutions for the life-cycle of infrastructure, construction and asset management programmes for blue-chip customers including National Grid, Wales & West Utilities and BAE Systems.
Most admiredCostain was named the UK’s ‘Most Admired Heavy Construction Company’.
Two wins at IChemETwo major awards at the Institution of Chemical Engineers (IChemE) Global Awards.
£1,137,351 raisedThe Costain 150 Challenge raised over £1.1 million for the Costain Charitable Foundation’s four charities.
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4 COSTAIN GROUP PLC ANNUAL REPORT 2 015
ESSENTIAL NATIONAL NEED
ENERGY
I am very proud of our team of engineers from Costain and Tetronics, who are working so
creatively to develop a new approach to one of the key issues in the
nuclear sector: reducing the volume of nuclear waste dramatically, whilst at the same time enhancing safety and environmental performance.
Dr Bryony Livesey Head of Technology
and Consultancy
REVOLUTIONISING HOW WE DEAL WITH
NUCLEAR WASTE
“
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COSTAIN GROUP PLC ANNUAL REPORT 2 015 5
PROJECT
Plasma Vitrification
THE CHALLENGE
Intermediate Level Waste (ILW) arises from general operations and maintenance at nuclear sites, and can include solid metal items such as fuel cladding, reactor components and sludges from the treatment of radioactive liquid effluents. As the UK’s old nuclear sites are decommissioned and cleaned up, the amount of ILW that will need to be disposed of will increase massively. The current method of disposal is to place the ILW into stainless steel drums, fill with cement and place it in special above-ground stores, prior to permanent storage underground.
THE SOLUTION
Trials were recently conducted on a plasma vitrification solution following Costain’s recent collaboration with Tetronics International to adapt and enhance Tetronics’ existing plasma vitrification furnace, which vitrifies such wastes. This system reduces the volume of ILW from the nuclear industry by up to 90%. Using a furnace that operates at around 1000°C to 1400°C, it takes between six and 12 hours to reduce waste to a glass-like substance. Organic and carbonaceous material in the ILW is vaporised by the extreme heat produced by the plasma torches. This waste gas is cleaned via a filtration process and released.
THE VALUE WE CREATED
With the UK’s nuclear decommissioning programme set to gather pace in the near future, the plasma vitrification project has enormous potential, both in the UK and globally. Plasma vitrification has the ability to greatly reduce the volume of ILW and ease the burden on the UK’s waste storage facilities, leading to considerable savings, both in building future storage facilities and in other areas of ILW treatment. Billions of pounds could be saved by the nuclear industry over the coming decades, with the added possibility of income through sale of the technology abroad.
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