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Higher rates hit Costain’s results

COSTAIN, construction firm, posted a 22 per cent fall in full-year pre-tax profit yesterday, hurt by higher pension interest charges and lower interest rates, but said it was looking to the future with confidence.

The company posted a pre-tax profit of £18.1m, compared with £23.1m a year ago. Sales climbed 6.5 per cent to £1.06bn.

Costain said it recorded a 30 per cent increase in its order book from last year to £2.6bn, which includes nearly £900m of secured work for 2010. The firm works across the transport, retail and oil industries.