Peterborough & Huntingdon contract resolutionSource: RNS
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.
Investors and analysts
Louise Bryant, Costain +44 7813 210 809
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.