Costain

Costain CEO Alex Vaughan believes the contractor’s successful sales of £100m in new shares shows the market has a positive outlook. “We've had huge support for our equity raise,” he told Construction News. “That's because people believe the marketplace has a positive outlook. And there are strong opportunities. “[Investors] believe that…

Costain has announced it has completed its £100m capital raise. The contractor confirmed in a market announcement this morning 99.39 per cent of shareholders had voted in favour of the deal first announced in March. As previously disclosed, the £100m includes expenses of around £7m to bankers and advisers, so…

Costain has announced a construction firm based in the United Arab Emirates will invest £25m in the company, as it announced details of its £100m equity raising. ASGC, which works in the United Arab Emirates, Egypt and other parts of Africa, will contribute a quarter of what Costain is trying…

The newly formed Highways Sector Council (HSC) has said it is pushing for more work to take place during lockdown, including carrying out essential works and maintenance on UK highways. The trade body's first chair Leon Daniels, a former MD of Transport for London’s surface transport division, told Construction News:…

Highways England has named the firms that will deliver its 10-year £4.5bn smart-motorways programme. The long-term framework will see the infrastructure-delivery body work with six just partners. Smart motorways, which use active traffic-management systems, were subject to government review last year following safety concerns. Chosen contractors include Balfour Beatty Civil…

Costain has secured a £210m contract with Highways England to upgrade the A30 in Cornwall. The contractor will upgrade almost 9 miles of of the A30 between Chiverton Cross and Carland Cross in north Cornwall, widening it from single to dual carriageway. The firm will also deliver new junctions, slip…

Mace and Sir Robert McAlpine have become the latest contractors to announce they are furloughing staff to protect their businesses. The coronavirus furlough scheme sees employees who are not working get 80 per cent of salaries up to £30,000 a year paid by the government rather than being made redundant by their…

Costain is furloughing some staff and its board and directors will take 30 per cent pay cuts in response to the coronavirus pandemic. In a stock market announcement released this morning, the contractor said that it would also be taking advantage of VAT and PAYE deferrals. It said the actions…

Keltbray Group has announced the closure of the Scottish arm of Keltbray Structures, its reinforced concrete frame division. In a statement, the company said: “We have recently announced the proposed closure of our concrete structures project delivery element of Keltbray Structures Limited (KSL) specifically serving the price-driven Scottish market. We…

Costain’s shares have plunged around 80 per cent since the company announced its plans for a £100m equity injection last week. Costain’s market capitalisation – the value of all its shares – stood at around £37m midday on Monday. This was 79 per cent lower than the £172m the company…