{"id":522647,"date":"2025-06-17T12:45:37","date_gmt":"2025-06-17T11:45:37","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=522647"},"modified":"2025-06-16T17:02:09","modified_gmt":"2025-06-16T16:02:09","slug":"costain-launches-10m-share-buyback-after-pension-pot-surplus","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/costain\/costain-launches-10m-share-buyback-after-pension-pot-surplus-17-06-2025\/","title":{"rendered":"Costain launches \u00a310m share buyback after pension pot surplus"},"content":{"rendered":"

Costain has launched a \u00a310m share buyback programme after its defined benefit pension scheme was in surplus for the second year running.<\/span><\/p>\n

The<\/span> UK\u2019s 16th biggest contractor<\/span><\/a> said on Monday (16 June) that the programme was an \u201cappropriate and value-enhancing use of cash\u201d. It added that it would still be able to \u201cmaintain the group’s financial flexibility to continue to invest in its strategy to deliver sustainable growth and attractive returns\u201d.<\/span><\/p>\n

Costain<\/span><\/a> instructed Investec Bank and Panmure Liberum to lead the share buyback. It follows a similar \u00a310m programme in 2024.<\/span><\/p>\n

The contractor also revealed in a trading update for the six months to 30 June 2025 that its trading remained in line with expectations for the year to 31 December 2025. It said its \u201cstrong, high-quality forward-work position\u201d was worth more than four times its annual revenue.<\/span><\/p>\n

Last year, Costain<\/span> tabled a revenue of \u00a31.25bn<\/span><\/a> and chief executive Alex Vaughan said the London Stock Exchange-listed contractor was \u201cin the best shape it\u2019s ever been\u201d.<\/span><\/p>\n

In announcing his firm\u2019s trading update, he said: \u201cOver the past three years we have executed on our strategic plans, improved the quality and size of the group\u2019s contract portfolio, delivered on our margin targets, significantly strengthened our net cash position and successfully refinanced our bank and bonding facilities, giving the group the financial strength and capability to support its future growth opportunities.\u201d<\/span><\/p>\n

He said the share buyback programme was \u201cconsistent with the group’s capital allocation framework\u201d.<\/span><\/p>\n

Costain has scooped a number of significant contracts over the past six months, including a major project to deliver 260km of pipeline for Anglian Water, as part of the Strategic Pipeline Alliance. Farrans, Jacobs and Mott MacDonald Bentley are also in the alliance.<\/span><\/p>\n

It also signed several new contracts in nuclear energy with Sizewell C and Urenco.\u00a0<\/span><\/p>\n

In March, Costain said it expected to see \u201csignificant long-term growth\u201d in the energy sector in particular, given the UK push to tackle climate change.<\/span><\/p>\n

Costain\u2019s pre-tax profit soared by almost 20 per cent last year, from \u00a330.9m to \u00a336.5m, while Vaughan also pointed to \u201crecord growth\u201d in its year-end order book.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Costain has launched a \u00a310m share buyback programme after its defined benefit pension scheme was in surplus for the second year running. The UK\u2019s 16th biggest contractor said on Monday (16 June) that the programme was an \u201cappropriate and value-enhancing use of cash\u201d. It added that it would still be able to \u201cmaintain the group’s …<\/p>\n","protected":false},"author":90643,"featured_media":484909,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[532,552],"tags":[],"class_list":["post-522647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-costain","category-financial","issue-online-news"],"yoast_head":"\nCostain launches \u00a310m share buyback after pension pot surplus | Construction News<\/title>\n<meta name=\"description\" content=\"Costain has launched a \u00a310m share buyback programme after its defined benefit pension scheme was in surplus for the second year running. 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