Costain delivered a solid 1H26 performance, with revenue up 3.4% to £543.1m, adjusted operating profit up 3.0% to £17.3m and margins maintained at 3.2%. The results support our view that FY26E performance will be weighted c40/60 towards the second half, as outlined in our July note, with management reiterating that 2H growth will be driven by AMP8 water programmes moving from design into construction, alongside increasing activity at Heathrow and the M60 project entering its delivery phase. Beyo ....
