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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Costain Group PLC    COST   GB00B64NSP76

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Costain Group PLC : Costain Secures Contract Extension At Fiddlers Ferry For SSE

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08/23/2013 | 12:59pm CEST
Costain Secures Contract Extension At Fiddlers Ferry For SSE

23 August 2013

Costain has secured a one year extension to an Operations and Maintenance contract at Fiddlers Ferry Fuel Services for SSE.

The contract comprises the operations and maintenance of the furnace bottom ash systems, electrostatic precipitators, flue gas desulphurisation plant, industrial cleaning and facilities management of commercial cleaning fire services, grounds maintenance and catering. 

Costain has been instrumental in optimising its range of services and overlapping its core offering across a range of specialisms.  This has allowed the Company to deliver added value throughout the last five year term and display a flexible, open book approach to managing costs, said Tony McKeown, Costain's Senior Operations Manager at Fiddlers Ferry.

"We are delighted to be given a contract extension with SSE. Our ability to continually deliver our services with a stable workforce of over 100 site-based permanent staff, working in a safe and efficient manner, has allowed Costain to continue supporting the Operations, Maintenance and Facilities at Fiddlers Ferry for the next twelve months," said Tony.

The three year contract was originally agreed in April 2008 to work on the Coal Plant Operations and Maintenance sectors, with an option of a further two years. Costain is currently in the first quarter of extended option year.

One of the reasons why the contract extension was granted was due to Costain's excellent health and safety record and it's versatile service delivery.

"Costain's health and safety record has significantly improved during our tenure and the team has not experienced a lost time accident since 2006. This has resulted in a rolling 12 month Accident Frequency Rate (AFR) of zero, while the cumulative man-hours recorded without a lost time accident is now in excess of 1 million hours," said Tony.

Costain would not have been considered for the contract extension unless it had shown continuous improvement in its health and safety performance, Tony said.

"As part of their "Safety Family" initiative, SSE encourages everyone working at the site to actively participate in making Fiddlers Ferry a safer place to work. As a team, we have also adopted various initiatives as part of our SHE programme, which has enhanced the support of its major contract partners.  Our work and integration within this process has helped to generate an impressive safety record," said Tony.

Ends

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Financials ( GBP)
Sales 2017 1 659 M
EBIT 2017 48,2 M
Net income 2017 35,9 M
Finance 2017 111 M
Yield 2017 3,11%
P/E ratio 2017 14,94
P/E ratio 2018 14,07
EV / Sales 2017 0,23x
EV / Sales 2018 0,21x
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Average target price 4,94  GBP
Spread / Average Target 5,8%
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Andrew Wyllie Chief Executive Officer & Executive Director
Paul Golby Non-Executive Chairman
Anthony Oliver Bickerstaff Director-Finance & Non-Executive Director
James Morley Senior Independent Director
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