REG - Costain Group PLC - Peterborough & Huntingdon contract resolution

CostainAnnouncement

24/02/2022 07:00

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RNS Number : 6327C  Costain Group PLC  24 February 2022

 

Costain Group PLC

24 February 2022

 

 

Peterborough & Huntingdon contract resolution

 

 

Costain today announces it has reached a final settlement with National Grid
regarding the legacy Peterborough and Huntingdon contract. The settlement
agreement brings an end to the dispute after the contract was mutually
terminated in June 2020 and prevents any further claims under the contract.

 

As announced on 13 December 2021, Costain was due to make a payment to
National Grid of £53.5m in January 2022.  Instead, Costain has made a full
and final payment of £43.4m to National Grid.

 

We are focused on delivering our strategy to transform the business, reduce
risk and improve returns. We have made a good start to the new financial year
and, with the UK Government's significant investment in infrastructure, we
look forward to the future with confidence.

 

 

Enquiries

 

Investors and analysts

Louise Bryant,
Costain
+44 7813 210 809

 

Financial media

Tim Rowntree,
MHP
+44 203 128 8771

Peter Hewer,
MHP
Costain@mhpc.com

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No 596/2014. The person responsible for this
announcement on behalf of Costain is Louise Bryant, Group Director of
Communications & Investor Relations.

 

 

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