Costain Group plc. (COST.L) reported that its profit attributable to equity holders of the parent for the six months ended 30 June 2024 climbed to 13.5 million pounds or 4.9 pence per share from 5.1 million pounds or 1.8 pence per share last year.
Profit before tax for the period increased to 17.0 million pounds from 8.5 million pounds in the previous year.
Adjusted earnings per share rose 27.3% to 5.6 pence from last year, driven by interest earned on stronger net cash position and adjusted operating profit increase.
But revenue for the period declined to 639.3 million pounds from 664.4 million pounds in the prior year, reflecting growth in Natural Resources, and a small reduction in Transportation.
The company has declared an interim dividend of 0.4 pence per ordinary share for the six months ended 30 June 2024. The interim dividend will be paid on 18 October 2024 to shareholders on the register at the close of business on 13 September 2024.
The company said it remains on track to deliver an adjusted operating margin run-rate of 3.5% during the course of fiscal year 2024 and 4.5% during the course of fiscal year 2025, in line with its ambition to deliver margins in excess of 5.0%.
In a separate press release, Costain Group announced its intention to launch an on-market share buyback program for up to a maximum aggregate consideration of 10 million pounds, excluding stamp duty and expenses, to be carried out in two tranches. The first tranche of up to a maximum consideration of 5 million pounds will commence immediately. The second tranche of up to a maximum consideration of 5 million pounds will commence following completion of the First Tranche and it is anticipated it will end no later than 28 March 2025, subject to market conditions.
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