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"dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-257": { "value": "159400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-258": { "value": "164400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-259": { "value": "123800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-264": { "value": "
Going concern
The Group\u2019s business activities and the factors likely to affect its future development, performance and position are set out in the
Strategic Report. The financial position of the Group, its cash flows, liquidity position, borrowing and bonding facilities, use of financial
instruments, exposure to credit risk and its objectives, policies and processes for managing its capital and financial risk are described in
the Chief Financial Officer\u2019s review and in note 18.
The Group\u2019s principal business activity involves work on the UK\u2019s infrastructure, mostly delivering long-term contracts with a number of
customers. To meet its day-to-day working capital requirements, it uses cash balances provided from shareholders\u2019 capital and retained
earnings and its borrowing facilities. In July 2023, the Group announced that it had successfully concluded its negotiations with its bank
and surety facility providers to refinance a new three-year agreement of its bank and borrowing facilities. The Group\u2019s new facilities
agreement to September 2026 comprises an \u00a385m sustainability-linked revolving credit facility (RCF) (previously \u00a3125m), and surety and
bank bonding facilities totalling \u00a3270m (previously \u00a3280m).
These facilities have a leverage covenant of net debt/adjusted EBITDA \u22641.5 times, an interest covenant of adjusted EBITA/net interest
payable covenant of \u22654.0 times and a liquidity covenant whereby the aggregate of, without double counting, any cash and cash
equivalent investments and the available commitment under the facility does not fall below \u00a350m. These financial covenants are tested
quarterly. As at 31 December 2023, the Group had a leverage covenant ratio of below zero (the Group had no net debt) and an interest
covenant ratio of 10.3 times. As part of its contracting operations, the Group may be required to provide performance and other bonds.
It satisfies these requirements by utilising its \u00a320m bank bonding and \u00a3250m surety company bonding facilities.
In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2023, the directors
are required to consider whether the Group and the Company can continue in operational existence for the foreseeable future, being
a period of at least twelve months from the date of approval of the financial statements. Having undertaken a rigorous assessment of
the financial forecasts, including its liquidity and compliance with covenants, the Board considers that the Group and the Company
have adequate resources to remain in operation for the foreseeable future and, therefore, have adopted the going concern basis in the
preparation of the financial statements.
In assessing the going concern assumption, the Board reviewed the Group\u2019s base case plans for the period to 30 June 2025, being the
first covenant deadline after March 2025. The directors have assumed that the current RCF remains in place with the same covenant
requirements through to its current expiry date, which is beyond the end of the period reviewed for Going Concern purposes. The base
case assumes delivery of the Board approved strategic and financial plans. As part of the assessment, the Board also identified severe but
plausible downsides affecting future profitability, working capital requirements and cash flow. The severe but plausible downsides include
applying the aggregated impact of lower revenue, lower margins, higher working capital requirements and adverse contract settlements.
Both the base case and severe but plausible forecasts show significant headroom and indicate that the Group and the Company will be
able to operate within available banking facilities and covenants throughout this period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "The Group\u2019s principal business activity involves work on the UK\u2019s infrastructure, mostly delivering long-term contracts with a number of customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "value": "
New and amended standards adopted by the Group
The accounting policies set out in this note have been applied consistently by the Group and the Company to each period presented in
these financial statements, except for the adoption of the new accounting standards noted below.
The Group has applied the following standards and amendments for the first time for their annual reporting period commencing
1 January 2023:
\u2022 IFRS 17 \u2018Insurance Contracts\u2019;
\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2;
\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8;
\u2022 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12; and
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12.
IFRS 17 \u2018Insurance contracts\u2019 is effective for financial periods beginning on or after 1 January 2023. The Group does not provide insurance
products or services; however, the definition of an insurance contract under IFRS 17 means that contracts, which meet certain criteria,
may be considered insurance contracts, even for non-insurers. For example, contracts that provide services for a fixed fee may meet
this definition, where the level of service provided is dependent on uncertain future events (eg repairs and maintenance contracts).
The Group has a very small number of these contracts and in evaluating the impact of the new standard, consider that the impact is
immaterial to these financial statements.
IFRS 17 replaces IFRS 4 and therefore guarantee contracts previously accounted for under IFRS 4 will now require to be accounted for under IFRS 9 or IFRS 17. The Group has elected to account for these contracts under IFRS 9 but, given the nature of the guarantees, there is no material impact to these financial statements. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "New and amended standards adopted by the Group The accounting policies set out in this note have been applied consistently by the Group and the Company to each period presented in these financial statements, except for the adoption of the new accounting standards noted below. The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2023: \u2022 IFRS 17 \u2018Insurance Contracts\u2019; \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2; \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8; \u2022 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12; and \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12. IFRS 17 \u2018Insurance contracts\u2019 is effective for financial periods beginning on or after 1 January 2023. The Group does not provide insurance products or services; however, the definition of an insurance contract under IFRS 17 means that contracts, which meet certain criteria, may be considered insurance contracts, even for non-insurers. For example, contracts that provide services for a fixed fee may meet this definition, where the level of service provided is dependent on uncertain future events (eg repairs and maintenance contracts). The Group has a very small number of these contracts and in evaluating the impact of the new standard, consider that the impact is immaterial to these financial statements. IFRS 17 replaces IFRS 4 and therefore guarantee contracts previously accounted for under IFRS 4 will now require to be accounted for under IFRS 9 or IFRS 17. The Group has elected to account for these contracts under IFRS 9 but, given the nature of the guarantees, there is no material impact to these financial statements. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "New and amended standards adopted by the Group The accounting policies set out in this note have been applied consistently by the Group and the Company to each period presented in these financial statements, except for the adoption of the new accounting standards noted below. The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2023: \u2022 IFRS 17 \u2018Insurance Contracts\u2019; \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2; \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8; \u2022 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12; and \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12. IFRS 17 \u2018Insurance contracts\u2019 is effective for financial periods beginning on or after 1 January 2023. The Group does not provide insurance products or services; however, the definition of an insurance contract under IFRS 17 means that contracts, which meet certain criteria, may be considered insurance contracts, even for non-insurers. For example, contracts that provide services for a fixed fee may meet this definition, where the level of service provided is dependent on uncertain future events (eg repairs and maintenance contracts). The Group has a very small number of these contracts and in evaluating the impact of the new standard, consider that the impact is immaterial to these financial statements. IFRS 17 replaces IFRS 4 and therefore guarantee contracts previously accounted for under IFRS 4 will now require to be accounted for under IFRS 9 or IFRS 17. The Group has elected to account for these contracts under IFRS 9 but, given the nature of the guarantees, there is no material impact to these financial statements. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "value": "
1 General information
Costain Group PLC (the Company) is a public limited company domiciled in England and incorporated in England and Wales. The address
of its registered office and principal place of business is disclosed on page 187 of this annual report. The principal activities of the
Company and its subsidiary undertakings (collectively referred to as \u2018the Group\u2019) are described in the Strategic Report.
The consolidated financial statements of the Company for the year ended 31 December 2023 comprise the Group and the Group\u2019s
interests in associates, joint ventures and joint operations. The Parent Company financial statements present information about the
Company as a separate entity and not about its Group.
The financial statements were authorised for issue by the directors on 11 March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Costain Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "value": "Costain Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "
2 Summary of significant accounting policies
Basis of preparation
The Group consolidated financial statements have been prepared and approved by the directors in accordance with UK-adopted
international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under
those standards. The Company financial statements have been prepared and approved by the directors in accordance with Financial
Reporting Standard 101, \u2018Reduced disclosure framework\u2019 (FRS 101) and with the requirements of the Companies Act 2006. On publishing
the Parent Company financial statements here together with the Group financial statements, the Company is taking advantage of the
exemption in Section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of
these approved financial statements.
These financial statements are presented in pounds sterling, rounded to the nearest hundred thousand. The financial statements
are prepared on the historical cost basis, except that derivative financial instruments and pension plan assets are measured at their
fair value. In preparing the financial statements of the Group, an assessment of the impact of climate change was performed with
reference to the disclosures made in the Strategic Report. There has been no material impact on the financial statements in the current
year from the Group\u2019s assessment of the impact of climate change, including estimates and judgements made, specifically in relation
to long-term contract accounting. Related risks and opportunities have been factored into future cash flow forecasts to the best of
management\u2019s ability.
The preparation of the Group and Company financial statements requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.
These form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates. Judgements made by management that have a significant effect on the financial
statements and estimates with a significant risk of material adjustment in the next year are discussed later in this note.
The following exemptions have been applied in the preparation of the Company financial statements, in accordance with FRS 101:
\u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019.
\u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair value
measurement of assets and liabilities).
\u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019:
\u2013 10(d) (statement of cash flows);
\u2013 16 (statement of compliance with all IFRS);
\u2013 38A (requirement for minimum of two primary statements, including cash flow statements);
\u2013 38B-D (additional comparative information);
\u2013 111 (statement of cash flows information); and
\u2013 134-136 (capital management disclosures).
\u2022 IAS 7, \u2018Statement of cash flows\u2019.
\u2022 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation).
\u2022 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between two or more
members of a group.
Going concern The Group\u2019s business activities and the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Group, its cash flows, liquidity position, borrowing and bonding facilities, use of financial instruments, exposure to credit risk and its objectives, policies and processes for managing its capital and financial risk are described in the Chief Financial Officer\u2019s review and in note 18. The Group\u2019s principal business activity involves work on the UK\u2019s infrastructure, mostly delivering long-term contracts with a number of customers. To meet its day-to-day working capital requirements, it uses cash balances provided from shareholders\u2019 capital and retained earnings and its borrowing facilities. In July 2023, the Group announced that it had successfully concluded its negotiations with its bank and surety facility providers to refinance a new three-year agreement of its bank and borrowing facilities. The Group\u2019s new facilities agreement to September 2026 comprises an \u00a385m sustainability-linked revolving credit facility (RCF) (previously \u00a3125m), and surety and bank bonding facilities totalling \u00a3270m (previously \u00a3280m). These facilities have a leverage covenant of net debt/adjusted EBITDA \u22641.5 times, an interest covenant of adjusted EBITA/net interest payable covenant of \u22654.0 times and a liquidity covenant whereby the aggregate of, without double counting, any cash and cash equivalent investments and the available commitment under the facility does not fall below \u00a350m. These financial covenants are tested quarterly. As at 31 December 2023, the Group had a leverage covenant ratio of below zero (the Group had no net debt) and an interest covenant ratio of 10.3 times. As part of its contracting operations, the Group may be required to provide performance and other bonds. It satisfies these requirements by utilising its \u00a320m bank bonding and \u00a3250m surety company bonding facilities. In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2023, the directors are required to consider whether the Group and the Company can continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements. Having undertaken a rigorous assessment of the financial forecasts, including its liquidity and compliance with covenants, the Board considers that the Group and the Company have adequate resources to remain in operation for the foreseeable future and, therefore, have adopted the going concern basis in the preparation of the financial statements. In assessing the going concern assumption, the Board reviewed the Group\u2019s base case plans for the period to 30 June 2025, being the first covenant deadline after March 2025. The directors have assumed that the current RCF remains in place with the same covenant requirements through to its current expiry date, which is beyond the end of the period reviewed for Going Concern purposes. The base case assumes delivery of the Board approved strategic and financial plans. As part of the assessment, the Board also identified severe but plausible downsides affecting future profitability, working capital requirements and cash flow. The severe but plausible downsides include applying the aggregated impact of lower revenue, lower margins, higher working capital requirements and adverse contract settlements. Both the base case and severe but plausible forecasts show significant headroom and indicate that the Group and the Company will be able to operate within available banking facilities and covenants throughout this period. New and amended standards adopted by the Group The accounting policies set out in this note have been applied consistently by the Group and the Company to each period presented in these financial statements, except for the adoption of the new accounting standards noted below. The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2023: \u2022 IFRS 17 \u2018Insurance Contracts\u2019; \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2; \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8; \u2022 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12; and \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12. IFRS 17 \u2018Insurance contracts\u2019 is effective for financial periods beginning on or after 1 January 2023. The Group does not provide insurance products or services; however, the definition of an insurance contract under IFRS 17 means that contracts, which meet certain criteria, may be considered insurance contracts, even for non-insurers. For example, contracts that provide services for a fixed fee may meet this definition, where the level of service provided is dependent on uncertain future events (eg repairs and maintenance contracts). The Group has a very small number of these contracts and in evaluating the impact of the new standard, consider that the impact is immaterial to these financial statements.
Revenue from contracts with customers
The principal source of revenue relates to developing and improving the UK\u2019s infrastructure across the transportation, water, energy and
defence sectors. The Group recognises revenue when control over the service or product is transferred to the customer and revenue is
measured at the fair value of the consideration received or receivable, net of value added tax.
Long-term contracts are structured under either a cost reimbursement, target cost, fixed price or rate card mechanism. The Group also
enters into framework contracts; however, the work called off under these contracts will be structured under one of the above mechanisms.
For most contracts there is generally one performance obligation as the works specified within the contract are integrated and the
customer procures one complete package, which may incorporate design, engineering and advisory work into the scope.
Where multiple performance obligations exist, for example, under a framework contract, the Group accounts for each performance
obligation separately and the transaction price is determined separately for each piece of work called off.
For long-term contracts, revenue is recognised over time by measuring the progress towards complete satisfaction of the performance
obligation at the statement of financial position date.
For cost reimbursement, target cost and fixed price contracts, stage of completion is assessed by reference to the proportion of contract
costs incurred on work performed to date relative to the estimated total costs.
Rate card contracts may include management, design, implementation and support services under fixed-price and variable-price
contracts, where the customer receives and uses the benefits simultaneously. Revenue recognised is determined by the number of
hours incurred on a project multiplied by an agreed rate; where the price is fixed or capped, revenue is recognised by reference to the
proportion of labour hours worked to date relative to the estimated total number of labour hours estimated.
Each performance obligation under a framework contract may be priced using cost reimbursement, target cost or rate card model and
therefore the stage of completion is assessed by reference to these individual models.
Contract costs are recognised as expenses in the period in which they are incurred. Costs associated with bidding for contracts are
written off as incurred.
The scope of the works will often be subject to change, which may take the form of a variation or compensation event. Each is considered
on case by case basis to determine whether it is a new, separate performance obligation and accounted for as a separate contract, or a
clarification or revision of the original contract scope and accounted for on a cumulative catch-up basis.
Compensation events, variations, claims, and gain from pain/gain or other bonus assessments are included in revenue where it is highly
probable that the amount, which can be measured reliably, will be recovered from the customer and will not reverse. Pain from pain/gain
arrangements or disallowed or withheld costs are included where highly probable to be incurred. Revenue in respect of these items is
determined on the most likely outcome method.
In the early stages of a contract, if the outcome of a performance obligation cannot be reasonably measured, revenue is recognised to
the extent of contract costs incurred, where it is highly probable those costs will be recoverable and will not reverse. When it is probable
that total contract costs will exceed total revenue, the expected loss is recognised as an expense immediately.
Contract assets is stated at cost plus profit recognised to date, including compensation events not yet agreed but considered highly
probable, less any provision for foreseeable losses (which would be accounted for under IAS 37 and disclosed in the provisions note) and
less amounts billed. Amounts valued and billed to customers are included in trade receivables. Where cash received from customers
exceeds the value of work performed, the amount is included in contract liabilities.
Where there is a change in circumstances that requires related revenue estimates to be revised, any reversal of revenue arising from a
change that occurs in the current year but affects the previously recognised position is recognised within revenue for the current year.
IFRS 17 replaces IFRS 4 and therefore guarantee contracts previously accounted for under IFRS 4 will now require to be accounted for
under IFRS 9 or IFRS 17. The Group has elected to account for these contracts under IFRS 9 but, given the nature of the guarantees, there
is no material impact to these financial statements.
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly
affect the current or future periods.
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not
mandatory for 31 December 2023 reporting periods and have not been early adopted by the Group. These standards, amendments or
interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable
future transactions.
Basis of consolidation
(a) The Group\u2019s financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are
entities controlled by the Group and control exists when the Group is exposed to, or has the rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date that control starts until the date that
control ceases.
(b) Associates are operations over which power exists to exercise significant influence but not control, generally accompanied by a
share of between 20% and 50% of the voting rights. Associates are accounted for using the equity method.
(c) Joint ventures are those joint arrangements where control is shared with another entity, and where the Group has rights to the
net assets of the arrangement. Joint ventures are accounted for using the equity method from the date that the joint venture
starts until the date that joint control of the entity ceases.
(d) The presentation of investments in associates and joint ventures in the statement of financial position restricts the minimum
carrying value to \u00a3nil. Where the cost of investment would be negative, due to losses incurred, then an amount up to the value of
the negative position is applied to any outstanding loan balance with the investment or, where future funding commitments exist,
a provision is made up to the value of the commitment.
(e) Joint operations are those joint arrangements over which joint control exists, established by contractual agreement, which are
not legal entities and where the parties have rights to the assets and obligations for the liabilities relating to the arrangement.
Where a joint operation exists, the Group entity involved records the assets it controls, the liabilities and expenses it incurs and
its share of income. Such joint operations are reported in the consolidated financial statements on the same basis. Transactions
between Group companies and joint operations eliminate on consolidation.
(f) Intra-Group balances and transactions together with any unrealised gains arising from intra-Group transactions are eliminated
in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates, joint ventures and
joint operations are eliminated to the extent of the interest in the entity or operation. Unrealised losses are eliminated in the
same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Currency translation
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated to pounds sterling at the exchange rate ruling at the statement of financial position
date. Foreign exchange differences arising on translation are recognised in the income statement.
The assets and liabilities of the residual foreign entities are translated to pounds sterling at exchange rates ruling at the statement of
financial position date. Income and expenses of foreign entities are translated to pounds sterling at rates approximating to the exchange
rates ruling at the dates of these transactions.
Exchange differences arising from the translation of the net investment in the remaining foreign entities are recognised directly in equity.
Those exchange differences that have arisen since 1 January 2004, the date of transition to IFRS, are presented as a separate component
of equity. Cumulative exchange differences are released into the income statement upon disposal. Translation differences that arose
before the date of transition to IFRS in respect of all foreign operations are not presented as a separate component.
Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated depreciation and impairment losses. Where parts of an item of
property, plant and equipment have different useful lives, they are accounted for as separate items. Cost comprises purchase price and
directly attributable costs. Depreciation is charged to administration expenses. Freehold land is not depreciated. For all other property,
plant and equipment, depreciation is calculated on a straight-line basis to allocate cost less residual values of the assets over their
estimated useful lives as follows:
Leasehold buildings \u2013 shorter of 50 years or lease term
Vehicles, plant and equipment \u2013 3 to 10 years
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date.
Investments \u2013 Company
Company investments in subsidiaries are carried at cost less provisions for impairment.
Impairment of non-financial assets
For the purposes of impairment testing, goodwill is allocated to the cash generating units expected to benefit from the synergies of the
combination. Cash generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when
there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying
amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
The carrying amounts of other non-financial assets, except deferred tax assets, are reviewed at each statement of financial position date
to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset, or its cash generating unit, is less than the recoverable
amount. Impairment losses are recognised in the income statement.
An impairment loss (other than in relation to goodwill) is reversed if there has been a change in estimates, resulting in the recoverable
amount exceeding the impaired carrying value of the asset. An impairment loss is reversed only to the extent that the carrying amount of
the assets does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment
loss had been recognised.
Provisions
A provision is recognised in the statement of financial position when there is a legal or constructive obligation as a result of a past event
and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are
determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of
money and, where appropriate, the risks specific to the liability.
A provision for onerous contracts is recognised when the expected benefits to be derived from a contract are lower than the unavoidable
cost of meeting the obligations under the contract.
Taxation
The tax expense represents the sum of UK corporation tax and overseas tax currently payable and deferred tax.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from profit before tax as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it excludes items that are
never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively
enacted by the statement of financial position date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement
of financial position liability method. Deferred tax liabilities are generally recognised for all temporary differences except for those
specific exemptions set out below and deferred tax assets are recognised to the extent that it is probable that future taxable profits will
be available, against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at
each statement of financial position date.
Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial
recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor
the accounting profit.
Income statement presentation \u2013 Alternative performance measures
The Group discloses alternative performance measures, in addition to statutory disclosures, to provide investors with supplementary
information which may be relevant to the Group\u2019s future performance. \u2018Adjusted profit\u2019 excludes \u2018adjusting items\u2019, which are significant
items of income and expenditure that the Board considers are incremental to business operations and do not reflect the long-term
performance of the Group. These adjusted measures are reconciled to statutory disclosures, with the tax impact given, in note 3,
and disclosed in the segmental reporting in note 4. Presenting results on this basis is consistent with internal reporting to the Board.
Alternative performance measures do not have standardised meanings and, therefore, they may not be comparable between companies.
The directors exercise judgement in determining classification as an \u2018adjusting item\u2019 using quantitative and qualitative factors.
Consideration is given, both individually and collectively, to the circumstances giving rise to the item, its materiality and whether it\u2019s
expected to recur.
\u2018Adjusted profit\u2019 may exclude income and expenditure related to acquisitions, discontinued operations, transformation costs,
restructuring costs, litigation, and impairments, where the impairment is the result of an isolated, non-recurring event. \u2018Adjusted earnings
per share\u2019 is calculated using \u2018Adjusted profit\u2019.
The Group has also historically disclosed \u2018Adjusted revenue\u2019. \u2018Adjusted revenue\u2019 excludes the impact of a reversal of any contract asset
recorded immediately prior to the initial write-down on a contract and any subsequent adjustment to overall contract revenue.
The Group also presents net cash/bank debt and adjusted free cash flow as alternative performance measures in the front of the annual
report. Net cash/bank debt is defined as cash and cash equivalents less interest-bearing borrowings (excluding leases under IFRS 16
and net of unamortised arrangement fees). Adjusted free cash flow is defined as cash generated from operations, excluding cash flows
relating to \u2018adjusting items\u2019 and pension deficit contributions, less taxation and capital expenditure. The directors consider that these
measures provide useful information about the Group\u2019s liquidity position.
Research and development
Research and development activities are usually directly attributable to a project and accounted for within project costs. In line with
common practice, the Group has adopted the research and development expenditure credit (RDEC) regime as these credits have
characteristics similar to government grants. RDEC credits are recognised in cost of sales. Development expenditure that satisfies all the
relevant conditions is capitalised as an intangible asset (see below).
Goodwill and other intangible assets
Goodwill arising on acquisitions represents the excess of the fair value of the consideration over the identifiable assets, liabilities and
contingent liabilities of the acquired entity and goodwill arising on the acquisition of subsidiaries is included in non-current assets. The
attributable costs of acquisitions are expensed to the income statement.
Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when
determining the profit or loss on subsequent disposal of the business to which it relates.
Acquired intangible assets comprise customer relationships, order book, brand and intellectual property. Other intangible assets
comprise computer software, development expenditure and patents. Customer relationships and other acquired intangibles are
measured at the present value of cash flows attributable to the relationship less an appropriate contributory asset charge. Computer
software, development expenditure and patents are recognised at cost.
Internally generated development expenditure is recognised as an intangible asset only if all of the following conditions are satisfied:
\u2022 the asset can be identified;
\u2022 it is probable that the asset will create future economic benefits; and
\u2022 the development costs can be measured reliably.
Once the asset is complete, subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the
specific asset to which it relates, otherwise expenditure is expensed as incurred.
Amortisation begins when an asset is acquired or, in the case of computer software and other development assets, is available for use.
Amortisation charges are included in administration expenses and are charged over the following periods:
Customer relationships \u2013 on a straight-line basis up to seven years
Other intangibles (including other acquired) \u2013 on a straight-line basis up to five years
Treasury shares
Applying the principles in IFRS 10, the Group controls the Employee Benefit Trust that holds small numbers of Company shares to be
issued under the Costain employee share schemes. Therefore, the Employee Benefit Trust is consolidated in these financial statements
and shares held by the Employee Benefit Trust are presented as Treasury shares, being a deduction to equity in the statement of
financial position.
Retirement benefit obligations
A defined benefit pension scheme is operated in the UK, which provides benefits based on pensionable salary. The details are included in
note 21. The assets of the scheme are held separately from those of the Group.
Pension scheme assets are measured using market values. Pension scheme liabilities are measured using a projected unit method and
discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. The liability
or asset recognised in the statement of financial position in respect of the defined benefit pension scheme is the difference between
the present value of the defined benefit obligations and the fair value of scheme assets at the statement of financial position date. An
asset is recognised because any surplus on the Costain Pension Scheme would be recoverable by way of a refund, as the Group has the
unconditional right to any surplus once all the obligations of the Scheme have been settled.
Administration costs of the scheme are recognised in the income statement. The interest income or cost on the scheme\u2019s net assets or
liabilities is included in net finance expense. Remeasurements of the net asset or liability are recognised in the consolidated statement of
comprehensive income.
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred.
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to
the contractual provisions of the instrument.
(a) Financial assets
The classification depends on the nature and purpose of the financial asset and is determined at the time of initial recognition.
A financial asset is derecognised only when the contractual rights to the cash flows from that asset expire, or the financial asset and
substantially all the risks and rewards of ownership of the asset are transferred to another entity.
Trade and other receivables
Trade and other receivables do not carry interest and are stated at amortised cost less loss allowances. Trade receivables mostly relate to
long-term contracts.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. This policy applies to both the statement of financial position and
the cash flow statement.
Impairment of financial assets
Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The
Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar
customers and modelling default scenarios and applying probabilities of such scenarios.
(b) Financial liabilities
Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently
measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
Financial liabilities are derecognised only when the obligations are discharged, cancelled or expire.
Trade and other payables
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.
(c) Derivative financial instruments
Derivative financial instruments are used to manage risks arising from changes in foreign exchange rates and are measured at their fair value.
Any gains or losses arising from changes in the fair value of derivative financial instruments are recognised in the income statement.
Deferred tax liabilities are recognised for temporary differences arising on investments in subsidiaries and interests in joint arrangements,
except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
Deferred tax is calculated at the tax rates based on those enacted or substantially enacted at the statement of financial position date.
Deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to equity, in
which case the deferred tax is also recognised in equity.
Additional taxes arising from the distribution of dividends are recognised at the same time as the liability to pay the related dividend.
Leases
Where the Group is party to a lease, except for short-term leases or leases of low value assets (as noted below), the Group recognises a
right-of-use asset and a lease liability upon lease commencement. The major categories of leased items within the scope of IFRS 16 are
properties, vehicles and site plant. Changes to contract scope can lengthen or shorten contract programmes and result in extensions or
early terminations to site plant lease terms.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, any initial direct costs incurred and an estimate of costs to dismantle and remove
or to restore the underlying asset or the site on which is located, less any lease incentives received.
The asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the
useful life of the asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis
as those of property, plant and equipment. The depreciation charges are included in cost of sales. In addition, the right-of-use asset
is reduced by any impairment losses and adjusted for certain remeasurements of the lease liability associated with changes to the
lease term.
The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the
incremental borrowing rate.
The amount charged to the income statement comprises the depreciation of the right-of-use asset and the imputed interest on the lease liability.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the
income statement. Short-term leases are leases with a lease term of 12 months or less.
Guarantee contracts
Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and
other bonds. Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the
Company and participating companies in the Group.
The Company accounts for these as financial guarantee contracts under IFRS 9.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds.
Dividends
Dividends are recognised as distributions in the period in which they are declared. Dividends proposed but not declared are not
recognised but are disclosed in note 11 to the financial statements.
Share-based payments
These comprise equity-settled share-based compensation plans.
Equity-settled share-based payments are measured at fair value at the date of grant and the fair value is expensed over the vesting
period, based on the estimate of awards that will eventually vest. Fair value is measured using a Black-Scholes option pricing model.
Where options over shares in the Company are granted to employees of subsidiaries, the Company recognises in its financial statements
an increase in the cost of investment in its subsidiaries equivalent to the equity-settled share-based payment charge recognised in its
subsidiaries\u2019 financial statements, with the corresponding credit being recognised directly in equity.
While management believes it has recorded positions that are highly probable not to reverse on the basis of existing facts and circumstances, there are uncertain factors which will impact the final contract outcome and could give rise to material adjustments within the next financial year. Given the inherent complexity and pervasive impact of the various judgements and estimates impacting revenue, cost of sales and related balance sheet amounts, it is not considered plausible to quantify the impact of taking alternative assessments on each of these judgements. Rectification provision: Contract in the water sector In 2021, the Group recognised a provision in respect of the estimated future costs of expected rectification works required at a customer\u2019s water treatment facility where Costain had been prime contractor. As at 31 December 2022, after working with designers, insurers and the customer, there was greater clarity as to the scope and cost of rectification work required and the Group\u2019s best estimate of the cost of the single most likely rectification solution at this time was \u00a317.0m. Costs of \u00a34.8m had been incurred at the end of 2022, and accordingly, a provision of \u00a312.2m was included in the statement of financial position. A number of assumptions were made in arriving at the cost estimate and management considered that the ultimate cost would fall within a range of \u00b130% of the estimated total. During 2023, progress in design and procurement has enabled management to validate the assessed programme and narrow estimation uncertainty to a range of -8%/+13% on the revised estimated total cost of \u00a319.3m. Costs of \u00a37.7m have been incurred to date and therefore the provision recognised in the statement of financial position at 31 December 2023 is \u00a311.6m. The work is still expected to be concluded in 2024. As reported in 2022, Costain has engaged with its insurers and received confirmation that insurance cover is available and that all reasonable costs of rectification work that are validly incurred will be met by insurers. Consistent with this, insurers continued to make interim payments on account during 2023. On this basis, management has made a judgement that the costs of rectification, after deduction of insurers\u2019 excess and amounts already received from insurers, will be recovered. Accordingly, an insurance receivable of \u00a312.7m is recognised in the statement of financial position at 31 December 2023 in accordance with IAS 37 on the basis that recovery is considered virtually certain. There is a cap on insurance but the cap is significantly in excess of the cost estimate. As at 31 December 2022, \u00a313.4m had been recognised as an insurance receivable. Carrying value of goodwill Assessing the recoverability of the carrying value of goodwill recognised on acquisition requires an estimation of the value in use of the cash generating units to which the goodwill has been allocated. These assessments involve estimation and judgement, principally in respect of the levels of operating margins, growth rates and future cash flows of the cash generating units and also include consideration of the impact of potential sensitivities in respect of those assumptions. The discount rates used to calculate present values and, where a reasonable possible change in assumptions may give rise to an impairment, related sensitivities are set out in note 12. Defined benefit pension scheme Defined benefit pension schemes require significant estimates in relation to the assumptions for the discount rate, inflation and member longevity that underpin the valuation. Each year in selecting the appropriate assumptions, the directors take advice from an independent qualified actuary. The assumptions and resultant sensitivities are set out in note 21. Deferred tax Included in deferred tax assets is an asset for tax losses recorded in current and prior years. The asset is recognised on the basis that the losses will be used against future taxable profits of the Group over the next four years. The significant judgement in assessing the recoverability relates to the ability of the Group to achieve its taxable profit forecasts and the ability to withstand the application of what the Board considers appropriate sensitivities. Details of deferred tax assets are shown in note 9. Adjusting items As described in this note, management has used judgement to determine the items classified as \u2018adjusting items\u2019 as set out in note 3.
Fair value measurement
When measuring the fair value of a financial or non-financial asset or liability, the Group uses market observable data as far as
possible. Fair values are categorised into different levels, in a fair value hierarchy, based on the inputs used in the valuation techniques
as follows:
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities.
\u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(ie as prices) or indirectly (ie derived from prices).
\u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then
the fair value measurement is categorised in its entirety in the same level of the hierarchy as the lowest level input that is significant to
the entire measurement.
Significant areas of judgement and estimation
The estimates and underlying assumptions used in the preparation of these financial statements are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revision and future periods if the revision affects both current and future periods.
The most critical accounting policies and significant areas of estimation and judgement arise from the accounting for long-term contracts
under IFRS 15 \u2018Revenue from Contracts with Customers\u2019, specific provisions, the carrying value of goodwill, the assumptions used in the
accounting for defined benefit pension schemes under IAS 19 \u2018Employee benefits\u2019, the recognition of deferred tax assets in relation to tax
losses and the items classified as \u2018adjusting items\u2019.
Long-term contracts
The majority of the Group\u2019s activities are undertaken via long-term contracts and IFRS 15 requires the identification and separation of
individual, distinct performance obligations, which are then accounted for individually. The most common type of contracts undertaken
by the Group with multiple performance obligations are framework contracts. In most cases, the obligations are satisfied over time and
estimates are made of the total contract costs and revenues. In many cases, these obligations span more than one financial year. Both
cost and revenue forecasts may be affected by a number of uncertainties that depend on the outcome of future events and may need to
be revised as events unfold and uncertainties are resolved. Cost forecasts take into account the expectations of work to be undertaken
on the contract. Revenue forecasts take into account compensation events, variations and claims and assessments, for example, of the
impact of pain/gain arrangements and disallowed or withheld costs, to the extent that the amounts the Group expects to recover can be
reliably estimated and are highly probable not to reverse.
Management bases its estimates of costs and revenues and its assessment of the expected outcome of each long-term contractual
obligation on the latest available information. This includes detailed contract valuations, progress on discussions over compensation
events, variations and claims with customers, progress against the latest programme for completing the works, forecasts of the costs to
complete and, in certain cases, assessments of recoveries from insurers, suppliers and contractors, where these are considered virtually
certain. Revenue is recognised to the extent that amounts forecast from compensation events, variations and claims are agreed or
considered in management\u2019s judgement highly probable to be agreed.
There are a small number of material contracts where management has been required to make significant accounting estimates and,
which result in estimation uncertainty, as at 31 December 2023. In relation to these contracts, the Group has included estimated
recoveries with a combined value of \u00a311.9m, on the basis that these are considered highly probable not to reverse. However, there are
a range of factors which will affect the ultimate outcome once these contracts are finalised. Management considers that the estimation
uncertainty in relation to these contracts ranges from a potential upside of \u00a329.7m to a downside of \u00a311.9m.
The ultimate financial impact of this estimation uncertainty will depend, inter alia, on the terms of the contract and the interaction with
incentive arrangements, such as pain/gain mechanisms and bonus or KPI arrangements, as well as final conclusions regarding claims and
compensation events and assessments of, for example, costs disallowed under the contract.
The estimates of the forecast contract outcome and the profit or loss earned to date are updated regularly and significant changes are
highlighted through established internal review procedures. The impact of any change in the accounting estimates both positive and
negative is then reflected in the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "Basis of preparation The Group consolidated financial statements have been prepared and approved by the directors in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company financial statements have been prepared and approved by the directors in accordance with Financial Reporting Standard 101, \u2018Reduced disclosure framework\u2019 (FRS 101) and with the requirements of the Companies Act 2006. On publishing the Parent Company financial statements here together with the Group financial statements, the Company is taking advantage of the exemption in Section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of these approved financial statements. These financial statements are presented in pounds sterling, rounded to the nearest hundred thousand. The financial statements are prepared on the historical cost basis, except that derivative financial instruments and pension plan assets are measured at their fair value. In preparing the financial statements of the Group, an assessment of the impact of climate change was performed with reference to the disclosures made in the Strategic Report. There has been no material impact on the financial statements in the current year from the Group\u2019s assessment of the impact of climate change, including estimates and judgements made, specifically in relation to long-term contract accounting. Related risks and opportunities have been factored into future cash flow forecasts to the best of management\u2019s ability. The preparation of the Group and Company financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. These form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Judgements made by management that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed later in this note. The following exemptions have been applied in the preparation of the Company financial statements, in accordance with FRS 101: \u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019. \u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities). \u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019: \u2013 10(d) (statement of cash flows); \u2013 16 (statement of compliance with all IFRS); \u2013 38A (requirement for minimum of two primary statements, including cash flow statements); \u2013 38B-D (additional comparative information); \u2013 111 (statement of cash flows information); and \u2013 134-136 (capital management disclosures). \u2022 IAS 7, \u2018Statement of cash flows\u2019. \u2022 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation). \u2022 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between two or more members of a group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "The Group consolidated financial statements have been prepared and approved by the directors in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "These financial statements are presented in pounds sterling, rounded to the nearest hundred thousand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "Revenue from contracts with customers The principal source of revenue relates to developing and improving the UK\u2019s infrastructure across the transportation, water, energy and defence sectors. The Group recognises revenue when control over the service or product is transferred to the customer and revenue is measured at the fair value of the consideration received or receivable, net of value added tax. Long-term contracts are structured under either a cost reimbursement, target cost, fixed price or rate card mechanism. The Group also enters into framework contracts; however, the work called off under these contracts will be structured under one of the above mechanisms. For most contracts there is generally one performance obligation as the works specified within the contract are integrated and the customer procures one complete package, which may incorporate design, engineering and advisory work into the scope. Where multiple performance obligations exist, for example, under a framework contract, the Group accounts for each performance obligation separately and the transaction price is determined separately for each piece of work called off. For long-term contracts, revenue is recognised over time by measuring the progress towards complete satisfaction of the performance obligation at the statement of financial position date. For cost reimbursement, target cost and fixed price contracts, stage of completion is assessed by reference to the proportion of contract costs incurred on work performed to date relative to the estimated total costs. Rate card contracts may include management, design, implementation and support services under fixed-price and variable-price contracts, where the customer receives and uses the benefits simultaneously. Revenue recognised is determined by the number of hours incurred on a project multiplied by an agreed rate; where the price is fixed or capped, revenue is recognised by reference to the proportion of labour hours worked to date relative to the estimated total number of labour hours estimated. Each performance obligation under a framework contract may be priced using cost reimbursement, target cost or rate card model and therefore the stage of completion is assessed by reference to these individual models. Contract costs are recognised as expenses in the period in which they are incurred. Costs associated with bidding for contracts are written off as incurred. The scope of the works will often be subject to change, which may take the form of a variation or compensation event. Each is considered on case by case basis to determine whether it is a new, separate performance obligation and accounted for as a separate contract, or a clarification or revision of the original contract scope and accounted for on a cumulative catch-up basis. Compensation events, variations, claims, and gain from pain/gain or other bonus assessments are included in revenue where it is highly probable that the amount, which can be measured reliably, will be recovered from the customer and will not reverse. Pain from pain/gain arrangements or disallowed or withheld costs are included where highly probable to be incurred. Revenue in respect of these items is determined on the most likely outcome method. In the early stages of a contract, if the outcome of a performance obligation cannot be reasonably measured, revenue is recognised to the extent of contract costs incurred, where it is highly probable those costs will be recoverable and will not reverse. When it is probable that total contract costs will exceed total revenue, the expected loss is recognised as an expense immediately. Contract assets is stated at cost plus profit recognised to date, including compensation events not yet agreed but considered highly probable, less any provision for foreseeable losses (which would be accounted for under IAS 37 and disclosed in the provisions note) and less amounts billed. Amounts valued and billed to customers are included in trade receivables. Where cash received from customers exceeds the value of work performed, the amount is included in contract liabilities. Where there is a change in circumstances that requires related revenue estimates to be revised, any reversal of revenue arising from a change that occurs in the current year but affects the previously recognised position is recognised within revenue for the current year.
Other
Adjusted P&H items Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,421.4
\u2013
\u2013
1,421.4
Cost of sales
(1,328.7)
\u2013
\u2013
(1,328.7)
Gross profit
92.7
\u2013
\u2013
92.7
Administrative expenses before adjusting items
(56.4)
\u2013
\u2013
(56.4)
Adjusting items:
P&H insurance recovery
\u2013
5.2
\u2013
5.2
Transformation costs
\u2013
\u2013
(5.7)
(5.7)
Tunnel boring machines impairment
\u2013
\u2013
(1.4)
(1.4)
Profit on disposal of other investment
\u2013
\u2013
0.5
0.5
Administrative expenses
(56.4)
5.2
(6.6)
(57.8)
Operating profit/(loss)
36.3
5.2
(6.6)
34.9
Net finance expense
(2.1)
\u2013
\u2013
(2.1)
Profit/(loss) before tax
34.2
5.2
(6.6)
32.8
Taxation
(7.0)
(1.0)
1.1
(6.9)
Profit/(loss) for the year attributable to equity holders of the Parent
27. 2
4.2
(5.5)
25.9
Basic earnings per share
9.9p
9.4p
Intangible Other
Adjusted impairment items Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,332.0
\u2013
\u2013
1,332.0
Cost of sales
(1,227.2)
\u2013
\u2013
(1,227.2)
Gross profit
104.8
\u2013
\u2013
104.8
Administrative expenses before adjusting items
(64.7)
\u2013
\u2013
(64.7)
Adjusting items:
Restructuring costs
\u2013
\u2013
(1.8)
(1.8)
Transformation costs
\u2013
\u2013
(6.2)
(6.2)
Impairment of intangible asset
\u2013
(5.3)
\u2013
(5.3)
Administrative expenses
(64.7)
(5.3)
(8.0)
(78.0)
Operating profit/(loss)
40.1
(5.3)
(8.0)
26.8
Net finance income
4.1
\u2013
\u2013
4.1
Profit/(loss) before tax
44.2
(5.3)
(8.0)
30.9
Taxation
(10.7)
\u2013
1.9
(8.8)
Profit/(loss) for the year attributable to equity holders of the Parent
33.5
(5.3)
(6.1)
22.1
Basic earnings per share
12.2p
8.1p
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "value": "Revenue from contracts with customers The principal source of revenue relates to developing and improving the UK\u2019s infrastructure across the transportation, water, energy and defence sectors. The Group recognises revenue when control over the service or product is transferred to the customer and revenue is measured at the fair value of the consideration received or receivable, net of value added tax. Long-term contracts are structured under either a cost reimbursement, target cost, fixed price or rate card mechanism. The Group also enters into framework contracts; however, the work called off under these contracts will be structured under one of the above mechanisms. For most contracts there is generally one performance obligation as the works specified within the contract are integrated and the customer procures one complete package, which may incorporate design, engineering and advisory work into the scope. Where multiple performance obligations exist, for example, under a framework contract, the Group accounts for each performance obligation separately and the transaction price is determined separately for each piece of work called off. For long-term contracts, revenue is recognised over time by measuring the progress towards complete satisfaction of the performance obligation at the statement of financial position date. For cost reimbursement, target cost and fixed price contracts, stage of completion is assessed by reference to the proportion of contract costs incurred on work performed to date relative to the estimated total costs. Rate card contracts may include management, design, implementation and support services under fixed-price and variable-price contracts, where the customer receives and uses the benefits simultaneously. Revenue recognised is determined by the number of hours incurred on a project multiplied by an agreed rate; where the price is fixed or capped, revenue is recognised by reference to the proportion of labour hours worked to date relative to the estimated total number of labour hours estimated. Each performance obligation under a framework contract may be priced using cost reimbursement, target cost or rate card model and therefore the stage of completion is assessed by reference to these individual models. Contract costs are recognised as expenses in the period in which they are incurred. Costs associated with bidding for contracts are written off as incurred. The scope of the works will often be subject to change, which may take the form of a variation or compensation event. Each is considered on case by case basis to determine whether it is a new, separate performance obligation and accounted for as a separate contract, or a clarification or revision of the original contract scope and accounted for on a cumulative catch-up basis. Compensation events, variations, claims, and gain from pain/gain or other bonus assessments are included in revenue where it is highly probable that the amount, which can be measured reliably, will be recovered from the customer and will not reverse. Pain from pain/gain arrangements or disallowed or withheld costs are included where highly probable to be incurred. Revenue in respect of these items is determined on the most likely outcome method. In the early stages of a contract, if the outcome of a performance obligation cannot be reasonably measured, revenue is recognised to the extent of contract costs incurred, where it is highly probable those costs will be recoverable and will not reverse. When it is probable that total contract costs will exceed total revenue, the expected loss is recognised as an expense immediately. Contract assets is stated at cost plus profit recognised to date, including compensation events not yet agreed but considered highly probable, less any provision for foreseeable losses (which would be accounted for under IAS 37 and disclosed in the provisions note) and less amounts billed. Amounts valued and billed to customers are included in trade receivables. Where cash received from customers exceeds the value of work performed, the amount is included in contract liabilities. Where there is a change in circumstances that requires related revenue estimates to be revised, any reversal of revenue arising from a change that occurs in the current year but affects the previously recognised position is recognised within revenue for the current year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "Basis of consolidation (a) The Group\u2019s financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group and control exists when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control starts until the date that control ceases. (b) Associates are operations over which power exists to exercise significant influence but not control, generally accompanied by a share of between 20% and 50% of the voting rights. Associates are accounted for using the equity method. (c) Joint ventures are those joint arrangements where control is shared with another entity, and where the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method from the date that the joint venture starts until the date that joint control of the entity ceases. (d) The presentation of investments in associates and joint ventures in the statement of financial position restricts the minimum carrying value to \u00a3nil. Where the cost of investment would be negative, due to losses incurred, then an amount up to the value of the negative position is applied to any outstanding loan balance with the investment or, where future funding commitments exist, a provision is made up to the value of the commitment. (e) Joint operations are those joint arrangements over which joint control exists, established by contractual agreement, which are not legal entities and where the parties have rights to the assets and obligations for the liabilities relating to the arrangement. Where a joint operation exists, the Group entity involved records the assets it controls, the liabilities and expenses it incurs and its share of income. Such joint operations are reported in the consolidated financial statements on the same basis. Transactions between Group companies and joint operations eliminate on consolidation. (f) Intra-Group balances and transactions together with any unrealised gains arising from intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates, joint ventures and joint operations are eliminated to the extent of the interest in the entity or operation. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "(a) The Group\u2019s financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group and control exists when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control starts until the date that control ceases. Investments \u2013 Company Company investments in subsidiaries are carried at cost less provisions for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "(b) Associates are operations over which power exists to exercise significant influence but not control, generally accompanied by a share of between 20% and 50% of the voting rights. Associates are accounted for using the equity method. (c) Joint ventures are those joint arrangements where control is shared with another entity, and where the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method from the date that the joint venture starts until the date that joint control of the entity ceases. (d) The presentation of investments in associates and joint ventures in the statement of financial position restricts the minimum carrying value to \u00a3nil. Where the cost of investment would be negative, due to losses incurred, then an amount up to the value of the negative position is applied to any outstanding loan balance with the investment or, where future funding commitments exist, a provision is made up to the value of the commitment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "Associates are operations over which power exists to exercise significant influence but not control, generally accompanied by a share of between 20% and 50% of the voting rights. Associates are accounted for using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "(c) Joint ventures are those joint arrangements where control is shared with another entity, and where the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method from the date that the joint venture starts until the date that joint control of the entity ceases. (d) The presentation of investments in associates and joint ventures in the statement of financial position restricts the minimum carrying value to \u00a3nil. Where the cost of investment would be negative, due to losses incurred, then an amount up to the value of the negative position is applied to any outstanding loan balance with the investment or, where future funding commitments exist, a provision is made up to the value of the commitment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "value": "Currency translation Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to pounds sterling at the exchange rate ruling at the statement of financial position date. Foreign exchange differences arising on translation are recognised in the income statement. The assets and liabilities of the residual foreign entities are translated to pounds sterling at exchange rates ruling at the statement of financial position date. Income and expenses of foreign entities are translated to pounds sterling at rates approximating to the exchange rates ruling at the dates of these transactions. Exchange differences arising from the translation of the net investment in the remaining foreign entities are recognised directly in equity. Those exchange differences that have arisen since 1 January 2004, the date of transition to IFRS, are presented as a separate component of equity. Cumulative exchange differences are released into the income statement upon disposal. Translation differences that arose before the date of transition to IFRS in respect of all foreign operations are not presented as a separate component. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Cost comprises purchase price and directly attributable costs. Depreciation is charged to administration expenses. Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost less residual values of the assets over their estimated useful lives as follows: Leasehold buildings \u2013 shorter of 50 years or lease term Vehicles, plant and equipment \u2013 3 to 10 years The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date. The asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. The depreciation charges are included in cost of sales. In addition, the right-of-use asset is reduced by any impairment losses and adjusted for certain remeasurements of the lease liability associated with changes to the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Cost comprises purchase price and directly attributable costs. Depreciation is charged to administration expenses. Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost less residual values of the assets over their estimated useful lives as follows: Leasehold buildings \u2013 shorter of 50 years or lease term Vehicles, plant and equipment \u2013 3 to 10 years The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date. The asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. The depreciation charges are included in cost of sales. In addition, the right-of-use asset is reduced by any impairment losses and adjusted for certain remeasurements of the lease liability associated with changes to the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Cost comprises purchase price and directly attributable costs. Depreciation is charged to administration expenses. Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost less residual values of the assets over their estimated useful lives as follows: Leasehold buildings \u2013 shorter of 50 years or lease term Vehicles, plant and equipment \u2013 3 to 10 years The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "Impairment of non-financial assets For the purposes of impairment testing, goodwill is allocated to the cash generating units expected to benefit from the synergies of the combination. Cash generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. The carrying amounts of other non-financial assets, except deferred tax assets, are reviewed at each statement of financial position date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset, or its cash generating unit, is less than the recoverable amount. Impairment losses are recognised in the income statement. An impairment loss (other than in relation to goodwill) is reversed if there has been a change in estimates, resulting in the recoverable amount exceeding the impaired carrying value of the asset. An impairment loss is reversed only to the extent that the carrying amount of the assets does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment of financial assets Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar customers and modelling default scenarios and applying probabilities of such scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-273": { "value": "Impairment of non-financial assets For the purposes of impairment testing, goodwill is allocated to the cash generating units expected to benefit from the synergies of the combination. Cash generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. The carrying amounts of other non-financial assets, except deferred tax assets, are reviewed at each statement of financial position date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset, or its cash generating unit, is less than the recoverable amount. Impairment losses are recognised in the income statement. An impairment loss (other than in relation to goodwill) is reversed if there has been a change in estimates, resulting in the recoverable amount exceeding the impaired carrying value of the asset. An impairment loss is reversed only to the extent that the carrying amount of the assets does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": "Provisions A provision is recognised in the statement of financial position when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. A provision for onerous contracts is recognised when the expected benefits to be derived from a contract are lower than the unavoidable cost of meeting the obligations under the contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "Taxation The tax expense represents the sum of UK corporation tax and overseas tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it excludes items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all temporary differences except for those specific exemptions set out below and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each statement of financial position date. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for temporary differences arising on investments in subsidiaries and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates based on those enacted or substantially enacted at the statement of financial position date. Deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all temporary differences except for those specific exemptions set out below and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each statement of financial position date. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for temporary differences arising on investments in subsidiaries and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates based on those enacted or substantially enacted at the statement of financial position date. Deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "value": "Income statement presentation \u2013 Alternative performance measures The Group discloses alternative performance measures, in addition to statutory disclosures, to provide investors with supplementary information which may be relevant to the Group\u2019s future performance. \u2018Adjusted profit\u2019 excludes \u2018adjusting items\u2019, which are significant items of income and expenditure that the Board considers are incremental to business operations and do not reflect the long-term performance of the Group. These adjusted measures are reconciled to statutory disclosures, with the tax impact given, in note 3, and disclosed in the segmental reporting in note 4. Presenting results on this basis is consistent with internal reporting to the Board. Alternative performance measures do not have standardised meanings and, therefore, they may not be comparable between companies. The directors exercise judgement in determining classification as an \u2018adjusting item\u2019 using quantitative and qualitative factors. Consideration is given, both individually and collectively, to the circumstances giving rise to the item, its materiality and whether it\u2019s expected to recur. \u2018Adjusted profit\u2019 may exclude income and expenditure related to acquisitions, discontinued operations, transformation costs, restructuring costs, litigation, and impairments, where the impairment is the result of an isolated, non-recurring event. \u2018Adjusted earnings per share\u2019 is calculated using \u2018Adjusted profit\u2019. The Group has also historically disclosed \u2018Adjusted revenue\u2019. \u2018Adjusted revenue\u2019 excludes the impact of a reversal of any contract asset recorded immediately prior to the initial write-down on a contract and any subsequent adjustment to overall contract revenue. The Group also presents net cash/bank debt and adjusted free cash flow as alternative performance measures in the front of the annual report. Net cash/bank debt is defined as cash and cash equivalents less interest-bearing borrowings (excluding leases under IFRS 16 and net of unamortised arrangement fees). Adjusted free cash flow is defined as cash generated from operations, excluding cash flows relating to \u2018adjusting items\u2019 and pension deficit contributions, less taxation and capital expenditure. The directors consider that these measures provide useful information about the Group\u2019s liquidity position. ", "dimensions": { "concept": "costaingroupplc:DescriptionOfAccountingPolicyForIncomeStatementPresentationAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "value": "Research and development Research and development activities are usually directly attributable to a project and accounted for within project costs. In line with common practice, the Group has adopted the research and development expenditure credit (RDEC) regime as these credits have characteristics similar to government grants. RDEC credits are recognised in cost of sales. Development expenditure that satisfies all the relevant conditions is capitalised as an intangible asset (see below). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "Goodwill and other intangible assets Goodwill arising on acquisitions represents the excess of the fair value of the consideration over the identifiable assets, liabilities and contingent liabilities of the acquired entity and goodwill arising on the acquisition of subsidiaries is included in non-current assets. The attributable costs of acquisitions are expensed to the income statement. Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when determining the profit or loss on subsequent disposal of the business to which it relates. Acquired intangible assets comprise customer relationships, order book, brand and intellectual property. Other intangible assets comprise computer software, development expenditure and patents. Customer relationships and other acquired intangibles are measured at the present value of cash flows attributable to the relationship less an appropriate contributory asset charge. Computer software, development expenditure and patents are recognised at cost. Internally generated development expenditure is recognised as an intangible asset only if all of the following conditions are satisfied: \u2022 the asset can be identified; \u2022 it is probable that the asset will create future economic benefits; and \u2022 the development costs can be measured reliably. Once the asset is complete, subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates, otherwise expenditure is expensed as incurred. Amortisation begins when an asset is acquired or, in the case of computer software and other development assets, is available for use. Amortisation charges are included in administration expenses and are charged over the following periods: Customer relationships \u2013 on a straight-line basis up to seven years Other intangibles (including other acquired) \u2013 on a straight-line basis up to five years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "value": "Goodwill and other intangible assets Goodwill arising on acquisitions represents the excess of the fair value of the consideration over the identifiable assets, liabilities and contingent liabilities of the acquired entity and goodwill arising on the acquisition of subsidiaries is included in non-current assets. The attributable costs of acquisitions are expensed to the income statement. Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when determining the profit or loss on subsequent disposal of the business to which it relates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "Treasury shares Applying the principles in IFRS 10, the Group controls the Employee Benefit Trust that holds small numbers of Company shares to be issued under the Costain employee share schemes. Therefore, the Employee Benefit Trust is consolidated in these financial statements and shares held by the Employee Benefit Trust are presented as Treasury shares, being a deduction to equity in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "Retirement benefit obligations A defined benefit pension scheme is operated in the UK, which provides benefits based on pensionable salary. The details are included in note 21. The assets of the scheme are held separately from those of the Group. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. The liability or asset recognised in the statement of financial position in respect of the defined benefit pension scheme is the difference between the present value of the defined benefit obligations and the fair value of scheme assets at the statement of financial position date. An asset is recognised because any surplus on the Costain Pension Scheme would be recoverable by way of a refund, as the Group has the unconditional right to any surplus once all the obligations of the Scheme have been settled. Administration costs of the scheme are recognised in the income statement. The interest income or cost on the scheme\u2019s net assets or liabilities is included in net finance expense. Remeasurements of the net asset or liability are recognised in the consolidated statement of comprehensive income. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "(a) Financial assets The classification depends on the nature and purpose of the financial asset and is determined at the time of initial recognition. A financial asset is derecognised only when the contractual rights to the cash flows from that asset expire, or the financial asset and substantially all the risks and rewards of ownership of the asset are transferred to another entity. Trade and other receivables Trade and other receivables do not carry interest and are stated at amortised cost less loss allowances. Trade receivables mostly relate to long-term contracts. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. This policy applies to both the statement of financial position and the cash flow statement. Impairment of financial assets Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar customers and modelling default scenarios and applying probabilities of such scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "A financial asset is derecognised only when the contractual rights to the cash flows from that asset expire, or the financial asset and substantially all the risks and rewards of ownership of the asset are transferred to another entity. Financial liabilities are derecognised only when the obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "Trade and other receivables Trade and other receivables do not carry interest and are stated at amortised cost less loss allowances. Trade receivables mostly relate to long-term contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. This policy applies to both the statement of financial position and the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "Impairment of financial assets Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar customers and modelling default scenarios and applying probabilities of such scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "(b) Financial liabilities Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "(b) Financial liabilities Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Financial liabilities are derecognised only when the obligations are discharged, cancelled or expire. Trade and other payables Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "Trade and other payables Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "(c) Derivative financial instruments Derivative financial instruments are used to manage risks arising from changes in foreign exchange rates and are measured at their fair value. Any gains or losses arising from changes in the fair value of derivative financial instruments are recognised in the income statement. Fair value measurement When measuring the fair value of a financial or non-financial asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels, in a fair value hierarchy, based on the inputs used in the valuation techniques as follows: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the hierarchy as the lowest level input that is significant to the entire measurement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "(c) Derivative financial instruments Derivative financial instruments are used to manage risks arising from changes in foreign exchange rates and are measured at their fair value. Any gains or losses arising from changes in the fair value of derivative financial instruments are recognised in the income statement. Fair value measurement When measuring the fair value of a financial or non-financial asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels, in a fair value hierarchy, based on the inputs used in the valuation techniques as follows: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the hierarchy as the lowest level input that is significant to the entire measurement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "Additional taxes arising from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "Leases Where the Group is party to a lease, except for short-term leases or leases of low value assets (as noted below), the Group recognises a right-of-use asset and a lease liability upon lease commencement. The major categories of leased items within the scope of IFRS 16 are properties, vehicles and site plant. Changes to contract scope can lengthen or shorten contract programmes and result in extensions or early terminations to site plant lease terms. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, any initial direct costs incurred and an estimate of costs to dismantle and remove or to restore the underlying asset or the site on which is located, less any lease incentives received. The asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. The depreciation charges are included in cost of sales. In addition, the right-of-use asset is reduced by any impairment losses and adjusted for certain remeasurements of the lease liability associated with changes to the lease term. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the incremental borrowing rate. The amount charged to the income statement comprises the depreciation of the right-of-use asset and the imputed interest on the lease liability. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "Guarantee contracts Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and other bonds. Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the Company and participating companies in the Group. The Company accounts for these as financial guarantee contracts under IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "value": "Guarantee contracts Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and other bonds. Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the Company and participating companies in the Group. The Company accounts for these as financial guarantee contracts under IFRS 9. Financial assets and liabilities Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. (a) Financial assets The classification depends on the nature and purpose of the financial asset and is determined at the time of initial recognition. A financial asset is derecognised only when the contractual rights to the cash flows from that asset expire, or the financial asset and substantially all the risks and rewards of ownership of the asset are transferred to another entity. Trade and other receivables Trade and other receivables do not carry interest and are stated at amortised cost less loss allowances. Trade receivables mostly relate to long-term contracts. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. This policy applies to both the statement of financial position and the cash flow statement. Impairment of financial assets Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar customers and modelling default scenarios and applying probabilities of such scenarios. (b) Financial liabilities Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Financial liabilities are derecognised only when the obligations are discharged, cancelled or expire. Trade and other payables Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. (c) Derivative financial instruments Derivative financial instruments are used to manage risks arising from changes in foreign exchange rates and are measured at their fair value. Any gains or losses arising from changes in the fair value of derivative financial instruments are recognised in the income statement. Fair value measurement When measuring the fair value of a financial or non-financial asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels, in a fair value hierarchy, based on the inputs used in the valuation techniques as follows: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the hierarchy as the lowest level input that is significant to the entire measurement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "Dividends Dividends are recognised as distributions in the period in which they are declared. Dividends proposed but not declared are not recognised but are disclosed in note 11 to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "value": "Share-based payments These comprise equity-settled share-based compensation plans. Equity-settled share-based payments are measured at fair value at the date of grant and the fair value is expensed over the vesting period, based on the estimate of awards that will eventually vest. Fair value is measured using a Black-Scholes option pricing model. Where options over shares in the Company are granted to employees of subsidiaries, the Company recognises in its financial statements an increase in the cost of investment in its subsidiaries equivalent to the equity-settled share-based payment charge recognised in its subsidiaries\u2019 financial statements, with the corresponding credit being recognised directly in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "
3 Reconciliation of reported operating profit to adjusted operating profit
Adjusted operating profit and adjusted earnings per share are presented as non-GAAP alternative performance measurements. The
Board considers the adjusted measures better reflect the underlying trading performance of the Group for the reasons described in
note 2.
The profit adjustments represent amounts included in the income statement.
During the year, the Group restructured its digital hardware activities to focus on service capabilities. As a result, the capitalised
development costs of products being developed under the Group\u2019s manufacturing capabilities were impaired by \u00a35.3m to \u00a3nil as the
Group has exited this manufacturing.
Other costs in relation to the restructuring of \u00a31.8m, including in relation to rent and rates on a property used for the Group\u2019s digital
activities, which was vacated before the break clause in the lease, were also recognised.
The Board considers these items \u2018adjusting\u2019 on the basis of their magnitude and that they arise from a one-off pivot in business strategy
away from digital manufacturing that will not recur in the future.
\u00a36.2m was incurred on the Group\u2019s Transformation programme in 2023 (2022: \u00a35.7m). Costs incurred were in-line with the programme
budget and include the cost of people and advisors supporting our Transformation initiatives, as well as the one-off cost of actions to
support operating model changes required.
The programme, which began in 2022 and concludes in 2024, is bringing simplicity, clarity and focus to how we work, by driving improved
efficiency and effectiveness across the business. This critically includes improving how we manage customer projects in a more efficient,
safe and green way, enabling us to deliver greater value to both our customers and stakeholders.
While the primary objective of the programme was to transform the organisation to accelerate our strategic ambition, efficiency and cost
saving actions have allowed us to start to deliver savings through 2023. Savings from the programme are expected to exceed our cost of
delivery within the next few years.
The Board considers the costs of the Transformation programme are \u2018adjusting\u2019 on the basis of their magnitude and that it is a one-
off programme, which is not in the ordinary course of business and therefore is not reflective of the type of costs to be incurred on a
recurring basis in future.
In 2022, a \u00a35.2m insurance receipt was recognised in relation to the Peterborough & Huntingdon (P&H) contract outcome.
In 2022, the Group sold a minor stake in a hotel company for \u00a30.5m. The investment was impaired to nil in 2020 reflecting the significant
impact of COVID-19 in that sector, so the profit realised in 2022 was also \u00a30.5m. This cost was recognised as an \u2018adjusting item\u2019 and
therefore the related profit was also treated as such.
In 2022, the Group fully impaired tunnel boring machines held at net book value of \u00a31.4m which were outmoded and no longer core
to operations.
Intangible Other
Adjusted impairment items Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,332.0
\u2013
\u2013
1,332.0
Cost of sales
(1,227.2)
\u2013
\u2013
(1,227.2)
Gross profit
104.8
\u2013
\u2013
104.8
Administrative expenses before adjusting items
(64.7)
\u2013
\u2013
(64.7)
Adjusting items:
Restructuring costs
\u2013
\u2013
(1.8)
(1.8)
Transformation costs
\u2013
\u2013
(6.2)
(6.2)
Impairment of intangible asset
\u2013
(5.3)
\u2013
(5.3)
Administrative expenses
(64.7)
(5.3)
(8.0)
(78.0)
Operating profit/(loss)
40.1
(5.3)
(8.0)
26.8
Net finance income
4.1
\u2013
\u2013
4.1
Profit/(loss) before tax
44.2
(5.3)
(8.0)
30.9
Taxation
(10.7)
\u2013
1.9
(8.8)
Profit/(loss) for the year attributable to equity holders of the Parent
33.5
(5.3)
(6.1)
22.1
Basic earnings per share
12.2p
8.1p
Other
Adjusted P&H items Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,421.4
\u2013
\u2013
1,421.4
Cost of sales
(1,328.7)
\u2013
\u2013
(1,328.7)
Gross profit
92.7
\u2013
\u2013
92.7
Administrative expenses before adjusting items
(56.4)
\u2013
\u2013
(56.4)
Adjusting items:
P&H insurance recovery
\u2013
5.2
\u2013
5.2
Transformation costs
\u2013
\u2013
(5.7)
(5.7)
Tunnel boring machines impairment
\u2013
\u2013
(1.4)
(1.4)
Profit on disposal of other investment
\u2013
\u2013
0.5
0.5
Administrative expenses
(56.4)
5.2
(6.6)
(57.8)
Operating profit/(loss)
36.3
5.2
(6.6)
34.9
Net finance expense
(2.1)
\u2013
\u2013
(2.1)
Profit/(loss) before tax
34.2
5.2
(6.6)
32.8
Taxation
(7.0)
(1.0)
1.1
(6.9)
Profit/(loss) for the year attributable to equity holders of the Parent
27. 2
4.2
(5.5)
25.9
Basic earnings per share
9.9p
9.4p
", "dimensions": { "concept": "costaingroupplc:DisclosureOfReconciliationOfReportedOperatingProfitToAdjustedOperatingProfit", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "Fair value measurement When measuring the fair value of a financial or non-financial asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels, in a fair value hierarchy, based on the inputs used in the valuation techniques as follows: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the hierarchy as the lowest level input that is significant to the entire measurement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "Significant areas of judgement and estimation The estimates and underlying assumptions used in the preparation of these financial statements are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The most critical accounting policies and significant areas of estimation and judgement arise from the accounting for long-term contracts under IFRS 15 \u2018Revenue from Contracts with Customers\u2019, specific provisions, the carrying value of goodwill, the assumptions used in the accounting for defined benefit pension schemes under IAS 19 \u2018Employee benefits\u2019, the recognition of deferred tax assets in relation to tax losses and the items classified as \u2018adjusting items\u2019. Long-term contracts The majority of the Group\u2019s activities are undertaken via long-term contracts and IFRS 15 requires the identification and separation of individual, distinct performance obligations, which are then accounted for individually. The most common type of contracts undertaken by the Group with multiple performance obligations are framework contracts. In most cases, the obligations are satisfied over time and estimates are made of the total contract costs and revenues. In many cases, these obligations span more than one financial year. Both cost and revenue forecasts may be affected by a number of uncertainties that depend on the outcome of future events and may need to be revised as events unfold and uncertainties are resolved. Cost forecasts take into account the expectations of work to be undertaken on the contract. Revenue forecasts take into account compensation events, variations and claims and assessments, for example, of the impact of pain/gain arrangements and disallowed or withheld costs, to the extent that the amounts the Group expects to recover can be reliably estimated and are highly probable not to reverse. Management bases its estimates of costs and revenues and its assessment of the expected outcome of each long-term contractual obligation on the latest available information. This includes detailed contract valuations, progress on discussions over compensation events, variations and claims with customers, progress against the latest programme for completing the works, forecasts of the costs to complete and, in certain cases, assessments of recoveries from insurers, suppliers and contractors, where these are considered virtually certain. Revenue is recognised to the extent that amounts forecast from compensation events, variations and claims are agreed or considered in management\u2019s judgement highly probable to be agreed. There are a small number of material contracts where management has been required to make significant accounting estimates and, which result in estimation uncertainty, as at 31 December 2023. In relation to these contracts, the Group has included estimated recoveries with a combined value of \u00a311.9m, on the basis that these are considered highly probable not to reverse. However, there are a range of factors which will affect the ultimate outcome once these contracts are finalised. Management considers that the estimation uncertainty in relation to these contracts ranges from a potential upside of \u00a329.7m to a downside of \u00a311.9m. The ultimate financial impact of this estimation uncertainty will depend, inter alia, on the terms of the contract and the interaction with incentive arrangements, such as pain/gain mechanisms and bonus or KPI arrangements, as well as final conclusions regarding claims and compensation events and assessments of, for example, costs disallowed under the contract. The estimates of the forecast contract outcome and the profit or loss earned to date are updated regularly and significant changes are highlighted through established internal review procedures. The impact of any change in the accounting estimates both positive and negative is then reflected in the financial statements. While management believes it has recorded positions that are highly probable not to reverse on the basis of existing facts and circumstances, there are uncertain factors which will impact the final contract outcome and could give rise to material adjustments within the next financial year. Given the inherent complexity and pervasive impact of the various judgements and estimates impacting revenue, cost of sales and related balance sheet amounts, it is not considered plausible to quantify the impact of taking alternative assessments on each of these judgements. Rectification provision: Contract in the water sector In 2021, the Group recognised a provision in respect of the estimated future costs of expected rectification works required at a customer\u2019s water treatment facility where Costain had been prime contractor. As at 31 December 2022, after working with designers, insurers and the customer, there was greater clarity as to the scope and cost of rectification work required and the Group\u2019s best estimate of the cost of the single most likely rectification solution at this time was \u00a317.0m. Costs of \u00a34.8m had been incurred at the end of 2022, and accordingly, a provision of \u00a312.2m was included in the statement of financial position. A number of assumptions were made in arriving at the cost estimate and management considered that the ultimate cost would fall within a range of \u00b130% of the estimated total. During 2023, progress in design and procurement has enabled management to validate the assessed programme and narrow estimation uncertainty to a range of -8%/+13% on the revised estimated total cost of \u00a319.3m. Costs of \u00a37.7m have been incurred to date and therefore the provision recognised in the statement of financial position at 31 December 2023 is \u00a311.6m. The work is still expected to be concluded in 2024. As reported in 2022, Costain has engaged with its insurers and received confirmation that insurance cover is available and that all reasonable costs of rectification work that are validly incurred will be met by insurers. Consistent with this, insurers continued to make interim payments on account during 2023. On this basis, management has made a judgement that the costs of rectification, after deduction of insurers\u2019 excess and amounts already received from insurers, will be recovered. Accordingly, an insurance receivable of \u00a312.7m is recognised in the statement of financial position at 31 December 2023 in accordance with IAS 37 on the basis that recovery is considered virtually certain. There is a cap on insurance but the cap is significantly in excess of the cost estimate. As at 31 December 2022, \u00a313.4m had been recognised as an insurance receivable. Carrying value of goodwill Assessing the recoverability of the carrying value of goodwill recognised on acquisition requires an estimation of the value in use of the cash generating units to which the goodwill has been allocated. These assessments involve estimation and judgement, principally in respect of the levels of operating margins, growth rates and future cash flows of the cash generating units and also include consideration of the impact of potential sensitivities in respect of those assumptions. The discount rates used to calculate present values and, where a reasonable possible change in assumptions may give rise to an impairment, related sensitivities are set out in note 12. Defined benefit pension scheme Defined benefit pension schemes require significant estimates in relation to the assumptions for the discount rate, inflation and member longevity that underpin the valuation. Each year in selecting the appropriate assumptions, the directors take advice from an independent qualified actuary. The assumptions and resultant sensitivities are set out in note 21. Deferred tax Included in deferred tax assets is an asset for tax losses recorded in current and prior years. The asset is recognised on the basis that the losses will be used against future taxable profits of the Group over the next four years. The significant judgement in assessing the recoverability relates to the ability of the Group to achieve its taxable profit forecasts and the ability to withstand the application of what the Board considers appropriate sensitivities. Details of deferred tax assets are shown in note 9. Adjusting items As described in this note, management has used judgement to determine the items classified as \u2018adjusting items\u2019 as set out in note", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "
4 Operating segments
The Group has two business segments: Natural Resources and Transportation. These segments are strategic business units with separate
management and have different customers or offer different services. Segmental information is provided to the chief executive who is the
chief operating decision maker. The segments are discussed in the Strategic Report section of this annual report.
The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies.
The Group evaluates segment performance on the basis of profit or loss from operations before interest and tax expense and before
\u2018adjusting items\u2019. The segment results that are reported to the chief executive include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis. Other items are allocated to the operating segments where appropriate, but otherwise
are viewed as Central costs.
Intersegment sales and transfers are not material.
Natural Central
Resources Transportation costs Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
Total revenue
375.1
1,046.3
\u2013
1,421.4
Segment profit/(loss)
Operating profit/(loss) before other items
15.0
31.5
(10.2)
36.3
Share of results of joint ventures and associates
\u2013
\u2013
\u2013
\u2013
Operating profit/(loss) before adjusting items
15.0
31.5
(10.2)
36.3
Adjusting items:
P&H insurance recovery
5.2
\u2013
\u2013
5.2
Transformation costs
(0.7)
\u2013
(5.0)
(5.7)
Tunnel boring machines impairment
\u2013
(1.4)
\u2013
(1.4)
Profit on disposal of other investment
\u2013
\u2013
0.5
0.5
Profit/(loss) from operations
19.5
30.1
(14.7)
34.9
Net finance expense
(2.1)
Profit before tax
32.8
Segment profit/(loss) is stated after charging the following:
Depreciation and impairment
2.4
8.9
\u2013
11.3
Amortisation
0.1
0.5
\u2013
0.6
Segment assets
Reportable segment assets (as restated)*
120.9
167.2
1.0
289.1
Unallocated assets:
Retirement benefit asset
60.2
Deferred tax
14.5
Cash and cash equivalents
123.8
Total assets (as restated)*
487.6
Additions to non-current assets
Property, plant and equipment (as restated)*
5.6
16.8
\u2013
22.4
Intangible assets
\u2013
0.3
\u2013
0.3
Segment liabilities
Reportable segment liabilities (as restated)*
71.9
160.5
43.8
276.2
Unallocated liabilities:
Taxation
0.2
Total liabilities (as restated)*
276.4
* See note 26 for more information on restatement.
Geographical information
Segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the
assets and exclude deferred tax assets.
All revenue originates in the UK (2022: all) and all non-current assets are located in the UK (2022: all).
Customers accounting for more than 10% of revenue
Two customers (2022: two) in the transportation sector accounted for revenue of \u00a3793.1m (2022: \u00a3853.0m).
Natural Central
Resources Transportation costs Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
Total revenue
388.9
943.1
\u2013
1,332.0
Segment profit/(loss)
Operating profit/(loss) before adjusting items
21.8
28.0
(9.7)
40.1
Adjusting items:
Restructuring costs
\u2013
(1.8)
\u2013
(1.8)
Transformation costs
(0.1)
\u2013
(6.1)
(6.2)
Impairment of intangible asset
\u2013
(5.3)
\u2013
(5.3)
Profit/(loss) from operations
21.7
20.9
(15.8)
26.8
Net finance income
4.1
Profit before tax
30.9
Segment profit/(loss) is stated after charging the following:
Depreciation
4.5
10.3
\u2013
14.8
Amortisation and impairment
0.2
6.4
\u2013
6.6
Segment assets
Reportable segment assets
121.6
116.4
0.9
238.9
Unallocated assets:
Retirement benefit asset
53.5
Deferred tax
11.8
Cash and cash equivalents
164.4
Total assets
468.6
Additions to non-current assets
Property, plant and equipment
4.1
6.1
\u2013
10.2
Intangible assets
\u2013
0.1
\u2013
0.1
Segment liabilities
Reportable segment liabilities
91.9
148.1
8.6
248.6
Unallocated liabilities:
Taxation
0.6
Total liabilities
249.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies. The Group evaluates segment performance on the basis of profit or loss from operations before interest and tax expense and before \u2018adjusting items\u2019. The segment results that are reported to the chief executive include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Other items are allocated to the operating segments where appropriate, but otherwise are viewed as Central costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "
Intangible Other
Adjusted impairment items Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,332.0
\u2013
\u2013
1,332.0
Cost of sales
(1,227.2)
\u2013
\u2013
(1,227.2)
Gross profit
104.8
\u2013
\u2013
104.8
Administrative expenses before adjusting items
(64.7)
\u2013
\u2013
(64.7)
Adjusting items:
Restructuring costs
\u2013
\u2013
(1.8)
(1.8)
Transformation costs
\u2013
\u2013
(6.2)
(6.2)
Impairment of intangible asset
\u2013
(5.3)
\u2013
(5.3)
Administrative expenses
(64.7)
(5.3)
(8.0)
(78.0)
Operating profit/(loss)
40.1
(5.3)
(8.0)
26.8
Net finance income
4.1
\u2013
\u2013
4.1
Profit/(loss) before tax
44.2
(5.3)
(8.0)
30.9
Taxation
(10.7)
\u2013
1.9
(8.8)
Profit/(loss) for the year attributable to equity holders of the Parent
33.5
(5.3)
(6.1)
22.1
Basic earnings per share
12.2p
8.1p
Other
Adjusted P&H items Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,421.4
\u2013
\u2013
1,421.4
Cost of sales
(1,328.7)
\u2013
\u2013
(1,328.7)
Gross profit
92.7
\u2013
\u2013
92.7
Administrative expenses before adjusting items
(56.4)
\u2013
\u2013
(56.4)
Adjusting items:
P&H insurance recovery
\u2013
5.2
\u2013
5.2
Transformation costs
\u2013
\u2013
(5.7)
(5.7)
Tunnel boring machines impairment
\u2013
\u2013
(1.4)
(1.4)
Profit on disposal of other investment
\u2013
\u2013
0.5
0.5
Administrative expenses
(56.4)
5.2
(6.6)
(57.8)
Operating profit/(loss)
36.3
5.2
(6.6)
34.9
Net finance expense
(2.1)
\u2013
\u2013
(2.1)
Profit/(loss) before tax
34.2
5.2
(6.6)
32.8
Taxation
(7.0)
(1.0)
1.1
(6.9)
Profit/(loss) for the year attributable to equity holders of the Parent
27. 2
4.2
(5.5)
25.9
Basic earnings per share
9.9p
9.4p
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "Geographical information Segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets and exclude deferred tax assets. All revenue originates in the UK (2022: all) and all non-current assets are located in the UK (2022: all). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "Customers accounting for more than 10% of revenue Two customers (2022: two) in the transportation sector accounted for revenue of \u00a3793.1m (2022: \u00a3853.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "value": "
6 Employee benefit expense
2023 2022
\u00a3m \u00a3m
Wages and salaries
235.9
230.4
Social security costs
25.7
26.4
Other pension costs \u2013 defined contribution schemes (note 21)
12.6
11.7
Share-based payments expense (note 21)
2.2
1.1
276.4
269.6
2023 2022
Number Number
Monthly average number of persons employed
Natural Resources
1,620
1,718
Transportation
1,753
1,787
Central
21
20
3,394
3,525
Of the above employees one was employed overseas (2022: one).
2023 2022
Movements in present value of defined benefit obligations \u00a3m \u00a3m
At 1 January
527.1
837.5
Interest cost
25.5
14.8
Remeasurements \u2013 demographic assumptions
(1.0)
(0.3)
Remeasurements \u2013 financial assumptions
14.8
(321.4)
Remeasurements \u2013 experience adjustments
10.5
29.7
Benefits paid
(34.3)
(33.2)
At 31 December
542.6
527.1
2023 2022
Movements in fair value of scheme assets \u00a3m \u00a3m
At 1 January
587.3
904.6
Interest income
28.7
16.1
Remeasurements \u2013 return on assets
6.5
(310.7)
Contributions by employer
8.1
10.8
Administrative expenses
(0.2)
(0.3)
Benefits paid
(34.3)
(33.2)
At 31 December
596.1
587.3
2023 2022
Expense recognised in the income statement \u00a3m \u00a3m
Administrative expenses paid by the pension scheme
(0.2)
(0.3)
Administrative expenses paid directly by the Group
(1.8)
(1.2)
Interest income on the net assets of the defined benefit pension scheme
3.2
1.3
1.2
(0.2)
2023 2022
Fair value of scheme assets \u00a3m \u00a3m
Global equities
99.5
109.8
Multi-asset growth funds
65.9
56.1
Multi-credit fund
96.6
110.9
LDI plus collateral
323.8
307. 2
Cash
10.3
3.3
596.1
587.3
All equities are quoted securities. The multi-asset growth funds comprise portfolios of quoted and unquoted investments. The multi-credit
fund invests in a portfolio of primarily floating rate debt of non-investment grade or unrated borrowers. The Liability Driven Investments (LDI)
portfolio comprises gilts, repurchase agreements and swaps and is supported by a liquid absolute return fund providing collateral.
Quoted equities are valued at the prevailing bid, offer or middle market stock exchange or over-the-counter market prices. In the multi-asset
growth funds, the fair values of the underlying unquoted assets are determined by the fund managers using quoted prices for similar assets or
other valuation techniques where all the inputs are directly observable or indirectly observable from market data. The loans in the multi-credit
fund may be priced either using quotes from a pricing vendor (if available), a broker or at a level determined by the investment manager that is
agreed with the fund. The LDI fund is valued using a unit price calculated for the fund based on the net asset value of the underlying assets.
The pension scheme does not have any assets invested in the Group\u2019s financial instruments or in property or other assets used by the Group.
21 Employee benefits
Pensions
The Group operates a defined benefit pension scheme in the UK; contributions are paid by subsidiary undertakings. There are also
two defined contribution pension schemes in place in the UK, to which contributions are made by both subsidiary undertakings and
employees. The total pension charge in the income statement is \u00a311.4m, comprising \u00a314.6m included in operating costs less \u00a33.2m
interest income included in net finance income (2022: \u00a311.9m, comprising \u00a313.2m included in operating costs less \u00a31.3m interest income
included in net finance expense).
Defined benefit scheme
The defined benefit scheme was closed to new members on 31 May 2005 and from 1 April 2006, future benefits were calculated on
a Career Average Revalued Earnings basis. The scheme was closed to future accrual of benefits to members on 30 September 2009. A
full actuarial valuation of the scheme was carried out as at 31 March 2022 and this was updated to 31 December 2023 by a qualified
independent actuary. At 31 December 2023, there were 2,885 retirees and 2,412 deferred members (2022: 2,867 retirees and 2,529
deferred members). The weighted average duration of the obligations is 11.9 years (2022: 11.9 years).
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Present value of defined benefit obligations
(542.6)
(527.1)
(837. 5)
Fair value of scheme assets
596.1
587.3
904.6
Recognised asset for defined benefit obligations
53.5
60.2
67.1
There is still further uncertainty with a Court of Appeal hearing for the case set for June 2024 as well as the potential for overriding government legislation to be introduced. As a result the Company and the Trustee of the Costain Pension Scheme cannot at this stage be certain of the potential implications (if any). The Company and the Trustee of the Costain Pension Scheme will continue to seek legal advice on the matter and act accordingly as the situation evolves. Defined contribution schemes Two defined contribution pensions schemes are operated. The total expense relating to these plans was \u00a312.6m (2022: \u00a311.7m). Share-based payments The Company operates a number of share-based payment plans as described below. Long-Term Incentive Plan (LTIP) Shareholders approved Long-Term Incentive Plans at the 2014 and 2023 AGMs that allow for conditional awards with a maximum face value of up to 150% of base salary to be awarded. The maximum Costain has applied is 100% of base salary. Performance conditions, such as those based on earnings per share and Total Shareholder Return (TSR), are determined by the Remuneration Committee of the Board at the time of grant. Annual Incentive Plan (AIP) Executive directors and other senior management are eligible to participate in the Company\u2019s Annual Incentive Plan, under which one third of the award is deferred into shares. The total AIP award of up to 150% of base salary has performance conditions based on Group adjusted operating profit and other measures. Financial metrics will comprise at least 50% of AIP opportunity. The share award element vests on the second anniversary of the date of grant and will be satisfied by shares purchased by a trust on behalf of the Group. It will not lead to any dilution of shareholder interest. Participants must be in employment with the Company and not under notice of termination (either given or received) on the date of grant. Save As You Earn Scheme (SAYE) The Company operates a SAYE scheme that is open to all eligible employees who pay a fixed amount from salary into a savings account each month and elect to save over three years. At the end of the savings period, employees have six months in which to exercise their options using the funds saved together with any interest or bonus (after which the options expire). If employees decide not to exercise their options, they may withdraw the funds saved. Exercise of options is subject to continued employment within the Group (except where permitted by the rules of the scheme). Share-based payment expense The amount recognised in the income statement, before tax, for share-based payment transactions with employees was \u00a32.2m (2022: \u00a31.1m); the entire charge relates to subsidiaries.
2023 2022 2021
Principal actuarial assumptions (expressed as weighted averages) % % %
Discount rate
4.75
5.00
1.80
Future pension increases
2.90
2.90
3.25
Inflation assumption
3.05
3.10
3.40
Weighted average life expectancies from age 65, as per mortality tables, used to determine benefits at 31 December 2023 and
31 December 2022 are:
2023
2022
Male Female Male Female
(years) (years) (years) (years)
Currently aged 65
22.0
23.8
21.9
23.9
Non-retirees currently aged 45
22.9
25.1
22.9
25.1
The discount rate, inflation and pension increase and mortality assumptions have a significant effect on the amounts reported. Changes
in these assumptions would have the following effects on the defined benefit scheme:
Pension liability Pension cost
\u00a3m \u00a3m
Increasing the discount rate by 0.25%, decreases pension liability
and increases pension income/reduces pension cost by
Decreasing inflation by 0.25% (which reduces pension increases), decreases
15.8
0.8
pension liability and increases pension income/reduces pension cost by
Increasing life expectancy by one year, increases pension liability
14.0
0.7
and reduces pension income/increases pension cost by
19.2
0.9
As highlighted in the table above, the defined benefit scheme exposes the Group to actuarial risks such as longevity, interest rate,
inflation and investment risks. The LDI portfolio is designed to respond to changes in gilt yields in a similar way to a fixed proportion
of the liabilities. With the LDI portfolio, if gilt yields fall, the value of the investments will rise to help partially match the increase in
the trustee valuation of the liabilities arising from a fall in the gilt yield-based discount rate. Similarly, if gilt yields rise, the value of the
matching asset portfolio will fall, as will the valuation of the liabilities because of an increase in the discount rate. The leverage within
the LDI portfolio means the equivalent of 95% of the value of the assets is sensitive to changes in interest rates and inflation and this
mitigates the equivalent movement in the liabilities of the scheme as a whole. In 2022, long-term government bond yields increased
significantly which meant that the value of the LDI portfolio fell but the value of the liabilities also fell by a similar amount.
In accordance with the pension regulations, a triennial actuarial review of the Costain defined benefit pension scheme was carried out
as at 31 March 2022. In June 2023, the valuation and updated deficit recovery plan were agreed with the Scheme Trustee resulting in
cash contributions of \u00a33.3m for each year commencing 1 July 2023 (increasing annually with inflation) until the deficit is cleared, which
would be in 2027, on the basis of the assumptions made in the 2022 valuation and agreed recovery plan. This replaces the previous
contribution plan to the Scheme, which from April 2023 had increased to an annual payment of \u00a311.98m paid in monthly instalments.
In addition, as previously implemented, the Group will continue to make an additional contribution so that the total deficit contributions
match the total dividend amount paid by the Company each year. Any additional payments in this regard would have the effect of
reducing the recovery period in the agreed plan. The Group will also pay the expenses of administration in the next financial year.
Any surplus of deficit contributions to the Costain Pension Scheme would be recoverable by way of a refund, as the Group has the
unconditional right to any surplus once all the obligations of the Scheme have been settled. Accordingly, the Group does not expect to
have to make provision for these additional contributions arising from this agreement in future financial statements.
In June 2023, the High Court judged in the Virgin Media vs NTL Pension Trustee case that certain amendments made to the NTL Pension
Plan were invalid because the scheme\u2019s actuary had not provided the necessary confirmations (Section 37 Certificates). If upheld, the
High Court\u2019s decision could have wider ranging implications, affecting other schemes (such as the Costain Pension Scheme) that were
contracted-out on a salary-related basis, and made amendments between April 1997 and April 2016.
Options outstanding at the end of the year
The movements in the outstanding LTIPs (nil-cost option) and AIP (nil-cost option), which provide for the grant of shares to executive
directors and senior management, and the outstanding SAYE schemes, are shown below:
LTIP
AIP
SAYE
Weighted average
Number Number Number exercise price
(m) (m) (m) (p)
Outstanding at 1 January 2022
5.5
0.2
1.3
191.9
Forfeited during the year
(2.3)
\u2013
(0.5)
278.7
Exercised during the year
\u2013
(0.1)
\u2013
\u2013
Granted during the year
9.3
2.2
\u2013
\u2013
Outstanding at 31 December 2022
12.5
2.3
0.8
118.4
Outstanding at 1 January 2023
12.5
2.3
0.8
118.4
Forfeited during the year
(2.0)
(0.4)
(0.8)
113.8
Exercised during the year
(0.6)
\u2013
\u2013
\u2013
Granted during the year
3.7
1.5
4.9
50.0
Outstanding at 31 December 2023
13.6
3.4
4.9
50.0
Exercisable at the end of the period
1.0
1.0
\u2013
\u2013
Share options outstanding at the end of the year had a weighted average remaining contractual life of 4.9 years (2022: 4.6 years).
The fair value of options granted is calculated using the Black-Scholes option pricing model. The aggregate fair value of options granted
during the year was \u00a34.8m (2022: \u00a33.6m). The assumptions used in valuing the grants were:
2023
2022
Expected volatility
46.0%
20.0%
Expected life (years)
3.5
3.0
Risk-free interest rate
3.2%
1.2%
Expected dividend yield
2.3%
0.0%
The expected volatility is based on the historical share price volatility over a term matching the expected life. The expected life is based
on management\u2019s best estimate having regard to the effect of non-transferability, exercise restrictions and behavioural considerations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "6 Employee benefit expense
2023 2022
\u00a3m \u00a3m
Wages and salaries
235.9
230.4
Social security costs
25.7
26.4
Other pension costs \u2013 defined contribution schemes (note 21)
12.6
11.7
Share-based payments expense (note 21)
2.2
1.1
276.4
269.6
2023 2022
Number Number
Monthly average number of persons employed
Natural Resources
1,620
1,718
Transportation
1,753
1,787
Central
21
20
3,394
3,525
Of the above employees one was employed overseas (2022: one). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "
7 Remuneration of directors
Details of the directors\u2019 remuneration, pension entitlements, interest in the Long-Term Incentive Plans, Annual Incentive Plans and share
options are included in the Directors\u2019 Remuneration Report.
For the purpose of the disclosure required by Schedule 5 to the Companies Act 2006, the total aggregate emoluments of the directors in
respect of 2023 and 2022 are detailed below:
2023 2022
\u00a3m \u00a3m
Remuneration
2.0
1.9
Post-employment benefits
0.1
0.1
2.1
2.0
Transactions with key management personnel Disclosures related to the remuneration of key management personnel as defined in IAS 24 \u2018Related Party Disclosures\u2019 are given below. Key management personnel, as defined under IAS 24 \u2018Related Party Disclosures\u2019, have been identified as the Board, as the controls operated by the Group ensure that all key decisions are reserved for the Board. As at 11 March 2024, the date of signing of this report, the directors of the Company and their immediate relatives control 377,239 ordinary shares in Costain Group PLC, which expressed as a percentage of the issued share capital is 0.14% (2022: 0.13%) of the voting shares of the Company. In addition, Mr Bishoy Azmy, non-independent, non-executive director is the director representative of the shareholder ASGC which holds 41,666,666 shares and is a c.15% shareholder of the Company. Bishoy Azmy held no shares in his own name. In addition to their salaries, in respect of the executive directors and executive officers, the Group provides non-cash benefits and contributes to defined contribution pension plans. Executive directors and executive officers also participate in the Group\u2019s LTIP, AIP and SAYE plans, which are detailed in note 21. The compensation of key management personnel, including the directors, is as follows:
Group
2023 2022
\u00a3m \u00a3m
Directors\u2019 emoluments
1.3
1.9
Executive officers\u2019 emoluments
2.0
2.1
Post-employment benefits
0.1
0.1
Termination benefits
0.2
0.6
Share-based payments
1.5
0.8
5.1
5.5
The above amounts are included in employee benefit expense (note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "
8 Finance income/(expense)
2023 2022
\u00a3m \u00a3m
Interest income from bank deposits
4.8
0.5
Interest income on the net assets of the defined benefit pension scheme (note 21)
3.2
1.3
Finance income
8.0
1.8
Interest payable on interest bearing bank loans, borrowings and other similar charges
(2.3)
(2.7)
Interest expense on lease liabilities
(1.5)
(1.2)
Other interest
(0.1)
\u2013
Finance expense
(3.9)
(3.9)
Net finance income/(expense)
4.1
(2.1)
Other similar charges includes arrangement and commitment fees payable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "
5 Other operating expenses and income
2023 2022
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
6.6
0.6
Depreciation and impairment of property, plant and equipment (note 13)
14.8
11.3
Restructuring costs (note 3)
1.8
\u2013
Transformation costs (note 3)
6.2
5.7
Expenses relating to short-term leases and leases of low value assets
54.8
62.4
and after crediting:
RDEC grant income
5.7
5.5
P&H insurance recovery (note 3)
\u2013
5.2
Profit on disposal of other investment (note 3)
\u2013
0.5
Short-term leases mostly relate to the hiring of plant for operations on construction sites.
The Group incurred administrative expenses of \u00a378.0m in 2023, an increase of \u00a320.2m on the same period last year (2022: \u00a357.8m).
\u00a35.3m of the increase relates to the impairment of an intangible asset in 2023. \u00a35.2m of the increase is driven by the recognition of
an insurance receipt relating to the Peterborough & Huntingdon contract in 2022. \u00a31.4m of the increase has resulted from higher
transformation and restructuring costs driven by the repositioning of digital services in 2023, partially offset by asset write-off costs
seen in 2022. \u00a37.3m of the increase has resulted from a reclassification of costs previously shown within cost of sales, now reflected in
administrative expenses, as we have improved alignment, ownership and understanding of our cost base across the Group as part of
our Transformation programme. The \u00a31.0m balance of the increase has been driven by cost and wage inflation as well as the timing of
incremental investment that will facilitate further net benefits from our Transformation programme into 2024, partially offset by the year-
on-year benefit of cost management actions taken during 2023 and in the second half of 2022.
Auditors\u2019 remuneration
2023 2022
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.1
0.1
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.1
1.1
An amount of \u00a30.2m (2022: \u00a30.2m) was paid to the Group\u2019s auditors in 2023 for the independent review of the interim results and other
non-audit services.
Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial
statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "5 Other operating expenses and income
2023 2022
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
6.6
0.6
Depreciation and impairment of property, plant and equipment (note 13)
14.8
11.3
Restructuring costs (note 3)
1.8
\u2013
Transformation costs (note 3)
6.2
5.7
Expenses relating to short-term leases and leases of low value assets
54.8
62.4
and after crediting:
RDEC grant income
5.7
5.5
P&H insurance recovery (note 3)
\u2013
5.2
Profit on disposal of other investment (note 3)
\u2013
0.5
Short-term leases mostly relate to the hiring of plant for operations on construction sites. The Group incurred administrative expenses of \u00a378.0m in 2023, an increase of \u00a320.2m on the same period last year (2022: \u00a357.8m). \u00a35.3m of the increase relates to the impairment of an intangible asset in 2023. \u00a35.2m of the increase is driven by the recognition of an insurance receipt relating to the Peterborough & Huntingdon contract in 2022. \u00a31.4m of the increase has resulted from higher transformation and restructuring costs driven by the repositioning of digital services in 2023, partially offset by asset write-off costs seen in 2022. \u00a37.3m of the increase has resulted from a reclassification of costs previously shown within cost of sales, now reflected in administrative expenses, as we have improved alignment, ownership and understanding of our cost base across the Group as part of our Transformation programme. The \u00a31.0m balance of the increase has been driven by cost and wage inflation as well as the timing of incremental investment that will facilitate further net benefits from our Transformation programme into 2024, partially offset by the year- on-year benefit of cost management actions taken during 2023 and in the second half of 2022. Auditors\u2019 remuneration
2023 2022
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.1
0.1
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.1
1.1
An amount of \u00a30.2m (2022: \u00a30.2m) was paid to the Group\u2019s auditors in 2023 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "5 Other operating expenses and income
2023 2022
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
6.6
0.6
Depreciation and impairment of property, plant and equipment (note 13)
14.8
11.3
Restructuring costs (note 3)
1.8
\u2013
Transformation costs (note 3)
6.2
5.7
Expenses relating to short-term leases and leases of low value assets
54.8
62.4
and after crediting:
RDEC grant income
5.7
5.5
P&H insurance recovery (note 3)
\u2013
5.2
Profit on disposal of other investment (note 3)
\u2013
0.5
Short-term leases mostly relate to the hiring of plant for operations on construction sites. The Group incurred administrative expenses of \u00a378.0m in 2023, an increase of \u00a320.2m on the same period last year (2022: \u00a357.8m). \u00a35.3m of the increase relates to the impairment of an intangible asset in 2023. \u00a35.2m of the increase is driven by the recognition of an insurance receipt relating to the Peterborough & Huntingdon contract in 2022. \u00a31.4m of the increase has resulted from higher transformation and restructuring costs driven by the repositioning of digital services in 2023, partially offset by asset write-off costs seen in 2022. \u00a37.3m of the increase has resulted from a reclassification of costs previously shown within cost of sales, now reflected in administrative expenses, as we have improved alignment, ownership and understanding of our cost base across the Group as part of our Transformation programme. The \u00a31.0m balance of the increase has been driven by cost and wage inflation as well as the timing of incremental investment that will facilitate further net benefits from our Transformation programme into 2024, partially offset by the year- on-year benefit of cost management actions taken during 2023 and in the second half of 2022. Auditors\u2019 remuneration
2023 2022
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.1
0.1
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.1
1.1
An amount of \u00a30.2m (2022: \u00a30.2m) was paid to the Group\u2019s auditors in 2023 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "5 Other operating expenses and income
2023 2022
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
6.6
0.6
Depreciation and impairment of property, plant and equipment (note 13)
14.8
11.3
Restructuring costs (note 3)
1.8
\u2013
Transformation costs (note 3)
6.2
5.7
Expenses relating to short-term leases and leases of low value assets
54.8
62.4
and after crediting:
RDEC grant income
5.7
5.5
P&H insurance recovery (note 3)
\u2013
5.2
Profit on disposal of other investment (note 3)
\u2013
0.5
Short-term leases mostly relate to the hiring of plant for operations on construction sites. The Group incurred administrative expenses of \u00a378.0m in 2023, an increase of \u00a320.2m on the same period last year (2022: \u00a357.8m). \u00a35.3m of the increase relates to the impairment of an intangible asset in 2023. \u00a35.2m of the increase is driven by the recognition of an insurance receipt relating to the Peterborough & Huntingdon contract in 2022. \u00a31.4m of the increase has resulted from higher transformation and restructuring costs driven by the repositioning of digital services in 2023, partially offset by asset write-off costs seen in 2022. \u00a37.3m of the increase has resulted from a reclassification of costs previously shown within cost of sales, now reflected in administrative expenses, as we have improved alignment, ownership and understanding of our cost base across the Group as part of our Transformation programme. The \u00a31.0m balance of the increase has been driven by cost and wage inflation as well as the timing of incremental investment that will facilitate further net benefits from our Transformation programme into 2024, partially offset by the year- on-year benefit of cost management actions taken during 2023 and in the second half of 2022. Auditors\u2019 remuneration
2023 2022
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.1
0.1
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.1
1.1
An amount of \u00a30.2m (2022: \u00a30.2m) was paid to the Group\u2019s auditors in 2023 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "5 Other operating expenses and income
2023 2022
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
6.6
0.6
Depreciation and impairment of property, plant and equipment (note 13)
14.8
11.3
Restructuring costs (note 3)
1.8
\u2013
Transformation costs (note 3)
6.2
5.7
Expenses relating to short-term leases and leases of low value assets
54.8
62.4
and after crediting:
RDEC grant income
5.7
5.5
P&H insurance recovery (note 3)
\u2013
5.2
Profit on disposal of other investment (note 3)
\u2013
0.5
Short-term leases mostly relate to the hiring of plant for operations on construction sites. The Group incurred administrative expenses of \u00a378.0m in 2023, an increase of \u00a320.2m on the same period last year (2022: \u00a357.8m). \u00a35.3m of the increase relates to the impairment of an intangible asset in 2023. \u00a35.2m of the increase is driven by the recognition of an insurance receipt relating to the Peterborough & Huntingdon contract in 2022. \u00a31.4m of the increase has resulted from higher transformation and restructuring costs driven by the repositioning of digital services in 2023, partially offset by asset write-off costs seen in 2022. \u00a37.3m of the increase has resulted from a reclassification of costs previously shown within cost of sales, now reflected in administrative expenses, as we have improved alignment, ownership and understanding of our cost base across the Group as part of our Transformation programme. The \u00a31.0m balance of the increase has been driven by cost and wage inflation as well as the timing of incremental investment that will facilitate further net benefits from our Transformation programme into 2024, partially offset by the year- on-year benefit of cost management actions taken during 2023 and in the second half of 2022. Auditors\u2019 remuneration
2023 2022
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.1
0.1
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.1
1.1
An amount of \u00a30.2m (2022: \u00a30.2m) was paid to the Group\u2019s auditors in 2023 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "5 Other operating expenses and income
2023 2022
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
6.6
0.6
Depreciation and impairment of property, plant and equipment (note 13)
14.8
11.3
Restructuring costs (note 3)
1.8
\u2013
Transformation costs (note 3)
6.2
5.7
Expenses relating to short-term leases and leases of low value assets
54.8
62.4
and after crediting:
RDEC grant income
5.7
5.5
P&H insurance recovery (note 3)
\u2013
5.2
Profit on disposal of other investment (note 3)
\u2013
0.5
Short-term leases mostly relate to the hiring of plant for operations on construction sites. The Group incurred administrative expenses of \u00a378.0m in 2023, an increase of \u00a320.2m on the same period last year (2022: \u00a357.8m). \u00a35.3m of the increase relates to the impairment of an intangible asset in 2023. \u00a35.2m of the increase is driven by the recognition of an insurance receipt relating to the Peterborough & Huntingdon contract in 2022. \u00a31.4m of the increase has resulted from higher transformation and restructuring costs driven by the repositioning of digital services in 2023, partially offset by asset write-off costs seen in 2022. \u00a37.3m of the increase has resulted from a reclassification of costs previously shown within cost of sales, now reflected in administrative expenses, as we have improved alignment, ownership and understanding of our cost base across the Group as part of our Transformation programme. The \u00a31.0m balance of the increase has been driven by cost and wage inflation as well as the timing of incremental investment that will facilitate further net benefits from our Transformation programme into 2024, partially offset by the year- on-year benefit of cost management actions taken during 2023 and in the second half of 2022. Auditors\u2019 remuneration
2023 2022
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.1
0.1
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.1
1.1
An amount of \u00a30.2m (2022: \u00a30.2m) was paid to the Group\u2019s auditors in 2023 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "
2023 2022
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
6.6
0.6
Depreciation and impairment of property, plant and equipment (note 13)
14.8
11.3
Restructuring costs (note 3)
1.8
\u2013
Transformation costs (note 3)
6.2
5.7
Expenses relating to short-term leases and leases of low value assets
54.8
62.4
and after crediting:
RDEC grant income
5.7
5.5
P&H insurance recovery (note 3)
\u2013
5.2
Profit on disposal of other investment (note 3)
\u2013
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "
2023 2022
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
6.6
0.6
Depreciation and impairment of property, plant and equipment (note 13)
14.8
11.3
Restructuring costs (note 3)
1.8
\u2013
Transformation costs (note 3)
6.2
5.7
Expenses relating to short-term leases and leases of low value assets
54.8
62.4
and after crediting:
RDEC grant income
5.7
5.5
P&H insurance recovery (note 3)
\u2013
5.2
Profit on disposal of other investment (note 3)
\u2013
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "Auditors\u2019 remuneration
2023 2022
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.1
0.1
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.1
1.1
An amount of \u00a30.2m (2022: \u00a30.2m) was paid to the Group\u2019s auditors in 2023 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "
9 Taxation
2023 2022
\u00a3m \u00a3m
On profit for the year
UK corporation tax at blended rate of 23.5% (2022: statutory rate of 19.0%)
(5.4)
(4.6)
Adjustment in respect of prior years
1.0
0.3
Current tax charge for the year
(4.4)
(4.3)
Deferred tax charge for the current year
(3.2)
(2.5)
Adjustment in respect of prior years
(1.2)
(0.1)
Deferred tax charge for the year
(4.4)
(2.6)
Tax charge in the consolidated income statement
(8.8)
(6.9)
2023 2022
\u00a3m \u00a3m
Tax reconciliation
Profit before tax
30.9
32.8
Taxation at 23.5% (2022: 19.0%)
(7. 2)
(6.2)
Amounts qualifying for tax relief and disallowed expenses
(1.4)
(1.0)
Rate adjustment relating to UK deferred taxation
\u2013
0.1
Adjustments in respect of prior years
(0.2)
0.2
Tax charge in the consolidated income statement
(8.8)
(6.9)
Effective rate of tax
28.5%
21.0%
The tax above does not include any amounts for equity accounted joint ventures and associates, whose results are disclosed in the
consolidated income statement net of tax.
The current tax liability of \u00a30.6m (2022: \u00a30.2m) for the Group and liability of \u00a3nil (2022: \u00a31.2m) for the Company represent the amount
of tax in respect of all outstanding periods and include the Group\u2019s best estimate of any assets and liabilities, where appropriate.
2023 2022
\u00a3m \u00a3m
Tax in other comprehensive income
Current tax \u2013 Retirement benefit assets
2.6
2.2
Deferred tax \u2013 Retirement benefit assets
1.7
1.7
Tax credit in other comprehensive income
4.3
3.9
2023 2022
\u00a3m \u00a3m
Deferred tax asset recognised
Accelerated capital allowances
2.2
2.1
Short-term temporary differences
1.6
3.2
Retirement benefit assets
(13.3)
(15.0)
Tax losses
21.3
24.2
Deferred tax asset
11.8
14.5
Deferred tax assets have been calculated at the rate of 25.0% (2022: 25.0%).
Deferred tax assets have been recognised in respect of accumulated tax trading losses in the UK of \u00a385.3m (2022: \u00a398.3m). The deferred
tax assets include an amount of \u00a321.3m (2022: \u00a324.2m) which relates to these carried forward tax losses. These have been recognised
to the extent it is expected that they will be recoverable within four years (2022: five years) using the estimated future taxable income
based on the approved forecasts for the Group and reasonably likely estimated future profits. These losses can be carried forward
indefinitely and have no expiry date.
The Group is within the scope of the OECD Pillar Two rules which implement a minimum effective tax rate of 15% on profits of large
multinational groups in each country in which they operate. These rules were enacted in the UK on 11 July 2023 and will apply to the
Group from the financial year ended 31 December 2024 onwards. An initial assessment suggests that the impact of the rules is not
expected to be material to the Group given the UK profile, but the Group is engaging with advisors to work through the complexities of
applying the legislation.
The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities, as provided in the
amendments to IAS 12 issued in May 2023.
The Company has no deferred tax asset (2022: no) relating to short-term temporary differences.
2023 2022
\u00a3m \u00a3m
Analysis of deferred tax movements
At 1 January
14.5
15.4
Deferred tax in consolidated income statement
Accelerated capital allowances
0.1
1.3
Short-term temporary differences
(1.6)
0.5
Tax losses
(2.9)
(4.4)
(4.4)
(2.6)
Deferred tax in other comprehensive income
Retirement benefit assets
1.7
1.7
At 31 December
11.8
14.5
Factors that may affect future tax charges
The corporation tax rate from 1 April 2023 is 25.0%. No changes to this rate have been announced by the Government. Deferred tax
balances in these financial statements have therefore been calculated at the rate of 25.0%.
Deferred tax assets not recognised
The Group and Company have deferred tax assets in their UK operations that have not been recognised at the year-end on the basis that
their future economic benefits were not assured at the statement of financial position date.
The following gross value items are available as deferred tax assets:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Management expenses and charges incurred by Parent Company
54.4
54.7
54.2
54.7
Capital losses
270.6
270.6
241.0
241.0
The current year tax effect of claiming short-term temporary differences and trading tax losses was \u00a3nil (2022: \u00a3nil) as shown in the tax
reconciliation above.
There are no expiry dates associated with the deferred tax assets not recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "9 Taxation
2023 2022
\u00a3m \u00a3m
On profit for the year
UK corporation tax at blended rate of 23.5% (2022: statutory rate of 19.0%)
(5.4)
(4.6)
Adjustment in respect of prior years
1.0
0.3
Current tax charge for the year
(4.4)
(4.3)
Deferred tax charge for the current year
(3.2)
(2.5)
Adjustment in respect of prior years
(1.2)
(0.1)
Deferred tax charge for the year
(4.4)
(2.6)
Tax charge in the consolidated income statement
(8.8)
(6.9)
2023 2022
\u00a3m \u00a3m
Tax reconciliation
Profit before tax
30.9
32.8
Taxation at 23.5% (2022: 19.0%)
(7. 2)
(6.2)
Amounts qualifying for tax relief and disallowed expenses
(1.4)
(1.0)
Rate adjustment relating to UK deferred taxation
\u2013
0.1
Adjustments in respect of prior years
(0.2)
0.2
Tax charge in the consolidated income statement
(8.8)
(6.9)
Effective rate of tax
28.5%
21.0%
The tax above does not include any amounts for equity accounted joint ventures and associates, whose results are disclosed in the consolidated income statement net of tax. The current tax liability of \u00a30.6m (2022: \u00a30.2m) for the Group and liability of \u00a3nil (2022: \u00a31.2m) for the Company represent the amount of tax in respect of all outstanding periods and include the Group\u2019s best estimate of any assets and liabilities, where appropriate.
2023 2022
\u00a3m \u00a3m
Tax in other comprehensive income
Current tax \u2013 Retirement benefit assets
2.6
2.2
Deferred tax \u2013 Retirement benefit assets
1.7
1.7
Tax credit in other comprehensive income
4.3
3.9
2023 2022
\u00a3m \u00a3m
Deferred tax asset recognised
Accelerated capital allowances
2.2
2.1
Short-term temporary differences
1.6
3.2
Retirement benefit assets
(13.3)
(15.0)
Tax losses
21.3
24.2
Deferred tax asset
11.8
14.5
Deferred tax assets have been calculated at the rate of 25.0% (2022: 25.0%). Deferred tax assets have been recognised in respect of accumulated tax trading losses in the UK of \u00a385.3m (2022: \u00a398.3m). The deferred tax assets include an amount of \u00a321.3m (2022: \u00a324.2m) which relates to these carried forward tax losses. These have been recognised to the extent it is expected that they will be recoverable within four years (2022: five years) using the estimated future taxable income based on the approved forecasts for the Group and reasonably likely estimated future profits. These losses can be carried forward indefinitely and have no expiry date. The Group is within the scope of the OECD Pillar Two rules which implement a minimum effective tax rate of 15% on profits of large multinational groups in each country in which they operate. These rules were enacted in the UK on 11 July 2023 and will apply to the Group from the financial year ended 31 December 2024 onwards. An initial assessment suggests that the impact of the rules is not expected to be material to the Group given the UK profile, but the Group is engaging with advisors to work through the complexities of applying the legislation. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities, as provided in the amendments to IAS 12 issued in May 2023. The Company has no deferred tax asset (2022: no) relating to short-term temporary differences.
2023 2022
\u00a3m \u00a3m
Analysis of deferred tax movements
At 1 January
14.5
15.4
Deferred tax in consolidated income statement
Accelerated capital allowances
0.1
1.3
Short-term temporary differences
(1.6)
0.5
Tax losses
(2.9)
(4.4)
(4.4)
(2.6)
Deferred tax in other comprehensive income
Retirement benefit assets
1.7
1.7
At 31 December
11.8
14.5
Factors that may affect future tax charges The corporation tax rate from 1 April 2023 is 25.0%. No changes to this rate have been announced by the Government. Deferred tax balances in these financial statements have therefore been calculated at the rate of 25.0%. Deferred tax assets not recognised The Group and Company have deferred tax assets in their UK operations that have not been recognised at the year-end on the basis that their future economic benefits were not assured at the statement of financial position date. The following gross value items are available as deferred tax assets:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Management expenses and charges incurred by Parent Company
54.4
54.7
54.2
54.7
Capital losses
270.6
270.6
241.0
241.0
The current year tax effect of claiming short-term temporary differences and trading tax losses was \u00a3nil (2022: \u00a3nil) as shown in the tax reconciliation above. There are no expiry dates associated with the deferred tax assets not recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "
12 Intangible assets
Customer Other acquired Other
Goodwill relationships intangibles intangibles Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
54.1
15.4
9.7
15.9
95.1
Additions
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2022
54.1
15.4
9.7
16.2
95.4
At 1 January 2023
54.1
15.4
9.7
16.2
95.4
Additions
\u2013
\u2013
\u2013
0.1
0.1
Disposals
\u2013
\u2013
\u2013
(0.1)
(0.1)
At 31 December 2023
54.1
15.4
9.7
16.2
95.4
Accumulated amortisation and impairment
At 1 January 2022
9.0
15.4
9.7
8.5
42.6
Charge in year
\u2013
\u2013
\u2013
0.6
0.6
At 31 December 2022
9.0
15.4
9.7
9.1
43.2
At 1 January 2023
9.0
15.4
9.7
9.1
43.2
Charge in year
\u2013
\u2013
\u2013
1.3
1.3
Impairment in year
\u2013
\u2013
\u2013
5.3
5.3
Disposals
\u2013
\u2013
\u2013
(0.1)
(0.1)
At 31 December 2023
9.0
15.4
9.7
15.6
49.7
Net book value
At 31 December 2023
45.1
\u2013
\u2013
0.6
45.7
At 31 December 2022
45.1
\u2013
\u2013
7.1
52.2
At 1 January 2022
45.1
\u2013
\u2013
7.4
52.5
For more information on the intangible impairment, see note 3.
Goodwill has been allocated to the applicable cash generating units of the Transportation segment (\u00a315.5m (2022: \u00a315.5m)) and the
Natural Resources segment (\u00a329.6m (2022: \u00a329.6m)).
As described in note 2, the Group reviews the value of goodwill and in the absence of any identified impairment risks, tests are based on
internal value in use calculations of the cash generating unit (CGU). The key assumptions for these calculations are: operating margins,
discount rates and growth rates.
Discount rates have been estimated based on pre-tax rates that reflect current market assessments of the time value of money and
the risks specific to the CGU. The rates used to discount the forecast cash flows for the Transportation and Natural Resources CGUs
were 15.8% and 15.7% respectively. In 2022, the rate used to discount the forecast cash flows for both the Transportation and Natural
Resources CGUs was 15.5%.
The value in use calculations use the Group\u2019s four-year cash flow forecasts, which are based on the expected revenues and profitability
of each CGU, taking into account the current level of secured and anticipated orders, extrapolated for future years by the expected
growth rate applicable to each CGU, 2.0% for both Transportation and Natural Resources (2022: 1.5% for both Transportation and
Natural Resources).
At 31 December 2023, based on the internal value in use calculations, management concluded that the recoverable value of both the
Natural Resources and the Transportation cash generating units exceeded their respective carrying amounts with substantial headroom.
The directors consider that there is no reasonable possible change in assumptions that would give rise to an impairment, for example,
a 30.0% reduction in absolute business unit operating profit, a 1.0% decrease in growth rate and a 1.0% increase in discount rate in
combination would not result in an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "
10 Earnings per share
The calculation of earnings per share is based on profit of \u00a322.1m (2022: \u00a325.9m) and the number of shares set out below.
2023 2022
Number Number
(millions) (millions)
Weighted average number of ordinary shares in issue for basic earnings per share calculation
273.6
275.0
Dilutive potential ordinary shares arising from employee share schemes
8.5
1.7
Weighted average number of ordinary shares in issue for diluted earnings per share calculation
282.1
276.7
At 31 December 2023, nil options were excluded from the weighted average number of ordinary shares calculation because they were
anti-dilutive (2022: nil options were excluded).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "
11 Dividends
Dividend
per share 2023 2022
pence \u00a3m \u00a3m
Interim dividend for the year ended 31 December 2023
0.4
1.1
\u2013
Dividends settled in cash
1.1
\u2013
Dividends settled in shares
\u2013
\u2013
Amount recognised as distributions to equity holders in the year
1.1
\u2013
Dividend payments were resumed in 2023 with an interim dividend of 0.4p per share for the six months ended 30 June 2023. The Board is
proposing a final dividend of 0.8p per share. The Board\u2019s current policy for dividends is described in note 18 a) Capital management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "11 Dividends
Dividend
per share 2023 2022
pence \u00a3m \u00a3m
Interim dividend for the year ended 31 December 2023
0.4
1.1
\u2013
Dividends settled in cash
1.1
\u2013
Dividends settled in shares
\u2013
\u2013
Amount recognised as distributions to equity holders in the year
1.1
\u2013
Dividend payments were resumed in 2023 with an interim dividend of 0.4p per share for the six months ended 30 June 2023. The Board is proposing a final dividend of 0.8p per share. The Board\u2019s current policy for dividends is described in note 18 a) Capital management. 22 Share capital
2023
2022
Number Nominal value Number Nominal value
(millions) \u00a3m (millions) \u00a3m
Issued share capital
Shares in issue at beginning of year \u2013
ordinary shares of 50p each, fully paid
275.1
137. 5
275.0
137.5
Issued in year (see below)
1.6
0.8
0.1
\u2013
Shares in issue at end of year \u2013
ordinary shares of 50p each, fully paid
276.7
138.3
275.1
137.5
The Company\u2019s issued share capital comprised 276,718,885 ordinary shares of 50 pence each as at 31 December 2023 (2022: 275,084,741 ordinary shares). All shares rank pari passu regarding entitlement to capital and dividends. In the year, dividend payments resumed. A total of 34,144 shares were issued under the Scrip Dividend Scheme during 2023. No options were exercised under the SAYE schemes in the year as all options were \u2018underwater\u2019 so the Company issued nil shares in respect of SAYE. The 2020 LTIP vested in the year and 1,600,000 shares were issued in April 2023 to satisfy this vesting. The share options outstanding at the year-end are detailed in note 21. Details of the performance conditions and the options granted to executive directors are given in the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "0.008", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-326": { "value": "
14 Investments in subsidiaries, equity accounted joint ventures and associates
Group
Details of subsidiary undertakings, joint ventures, joint operations and associates are shown in note 24.
Certain subsidiaries of the Group (as indicated in note 24) have opted to take advantage of the audit exemption under Section 479A
of the Companies Act 2006 for the year ended 31 December 2023. In order to take advantage of this exemption, Costain Group PLC
undertakes to provide a Parent Company guarantee in respect of debts and liabilities of these subsidiaries at the balance sheet date in
accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss under these guarantees
as remote.
Company
Investments in subsidiaries
\u00a3m
Cost
At 1 January 2022
426.0
Additions
1.1
At 31 December 2022
427.1
At 1 January 2023
427.1
Additions
2.2
At 31 December 2023
429.3
Amounts written off
At 1 January 2022
(273.7)
At 31 December 2022
(273.7)
At 1 January 2023
(273.7)
At 31 December 2023
(273.7)
Net book value
At 31 December 2023
155.6
At 31 December 2022
153.4
At 1 January 2022
152.3
Additions relate to the increase in the cost of investments in subsidiaries by the equivalent amount of the equity-settled
share-based payment charge in relation to employees of subsidiaries included in the income statement (\u00a32.2m (2022: \u00a31.1m)).
Details of the Company\u2019s subsidiaries are set out in note 24.
In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, associates, joint ventures and joint arrangements is required:
Registered
Percentage of office/principal
Status equity held place of business
Other subsidiaries owned directly by Costain Group PLC
Costain Civil Engineering Limited
Holding Company
100
(1)
Costain Investments Limited
Dormant
100
(8)
Costain USA Inc.
Holding Company
100
(5)
County & District Properties Limited*
Trading
100
(1)
Renown Investments (Holdings) Limited*
Trading
100
(1)
Lysander Services Limited*
Trading
100
(1)
Other subsidiaries owned indirectly by Costain Group PLC
Brunswick Infrastructure Services Limited
Dormant
100
(1)
Calvert & Russell Limited*
Trading
100
(1)
CLM Engineering (Overseas) Limited
Dormant
100
(1)
COGAP (Middle East) Limited*
Holding Company
100
(1)
Construction Study Centre Limited*
Trading
100
(1)
Costain Alcaidesa Limited*
Holding Company
100
(1)
Costain America Inc.
Holding Company
100
(5)
Costain Building & Civil Engineering Limited*
Holding Company
100
(1)
Costain Construction Limited
Dormant
100
(1)
Costain de Venezuela CA
Dormant
100
(15)
Costain Energy Solutions Limited
Dormant
100
(1)
Costain Engineering & Construction (Overseas) Limited*
Holding Company
100
(1)
Costain Engineering Services Inc.
Dormant
100
(5)
Costain International Limited*
Dormant
100
(1)
Costain Management Design Limited
Dormant
100
(1)
Costain Minerals Inc.
Dormant
100
(5)
Costain Mining Services Inc.
Dormant
100
(5)
Costain Oil, Gas & Process (Nigeria) Limited
Dormant
95
(16)
Costain Oil, Gas & Process (Overseas) Limited
Dormant
100
(1)
Costain Process Construction Limited
Dormant
100
(1)
Costain Upstream Limited*
Trading
100
(2)
JBCC Rhead PTE Limited
Dormant
100
(12)
Promanex (Civils & Industrial Services) Limited
Dormant
100
(1)
Promanex (Construction & Maintenance Services) Limited
Dormant
100
(1)
Promanex (Total FM & Environmental Services) Limited*
Dormant
100
(1)
Sunland Mining Corporation (II)
Dormant
100
(5)
Westminster Plant Co. Limited
Dormant
100
(1)
* Denotes that the entity has taken the audit exemption under Section 479A of the Companies Act 2006 for the financial year ended 31 December 2023.
Registered office/
Percentage of principal place of
Activity equity held business
Principal subsidiary undertakings
Costain Limited
Engineering, Construction and Maintenance
100
(1)
Costain Engineering & Construction Limited
Holding and Service Company
100
(1)
Costain Integrated Services Limited
Professional Services
100
(1)
Costain Integrated Technology Solutions Limited
Technology Integration
100
(1)
Costain Oil, Gas & Process Limited
Process Engineering
100
(1)
Richard Costain Limited
Service Company
100
(1)
The equity capital of the above are held by subsidiary undertakings with the exception of Richard Costain Limited and Costain Engineering
& Construction Limited.
All undertakings operate mainly in the country of incorporation. See key to registered office/principal place of business at the bottom of
this note.
All holdings are of ordinary shares.
Key to registered office/principal place of business
(1) Costain House, Vanwall Business Park, Maidenhead, Berkshire, SL6 4UB, England
(2) 56 Carden Place, Aberdeen, AB10 1UP, Scotland
(3) 210 Pentonville Road, London, N1 9JY, England
(4) Booths Park, Chelford Road, Knutsford, WA16 8QZ, England
(5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA
(6) Whitehill House, Windmill Hill Business Park, Whitehill Way, Swindon, SN5 6PE, England
(7) 8th Floor, The Place, High Holborn, London, WC1V 7AA, England
(8) P.O.Box N-7768, Bank Lane, Nassau, Bahamas
(9) Dormant company \u2013 Abu Dhabi, UAE, no record of address
(10) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain
(11) P.O.Box 6967, 21452, Jeddah, Saudi Arabia
(12) Peninsula Plaza #27\u201301, 111 North Bridge Road, 179098, Singapore
(13) Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico
(14) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland
(15) Dormant company \u2013 Venezuela, no record of address
(16) Dormant company \u2013 Nigeria, no record of address
Costain Abu Dhabi Co WLL has previously been treated as a subsidiary undertaking due to Costain having power to influence and control the composition of the Board of directors and the beneficial right to all the net income. However, Costain considers that it no longer controls the Company which no longer trades. Dormant status means no or a very small number of transactions with activity winding down.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "
Investments in joint ventures
\u00a3m
Cost
At 1 January 2022
14.4
Additions
6.5
At 31 December 2022
20.9
At 1 January 2023
20.9
At 31 December 2023
20.9
Share of post-acquisition reserves
At 1 January 2022
(14.0)
At 31 December 2022
(14.0)
At 1 January 2023
(14.0)
At 31 December 2023
(14.0)
Impairment
At 1 January 2022
\u2013
Impairment in year
(6.5)
At 31 December 2022
(6.5)
At 1 January 2023
(6.5)
At 31 December 2023
(6.5)
Net book value
At 31 December 2023
0.4
At 31 December 2022
0.4
At 1 January 2022
0.4
During 2022, Costain acquired \u00a36.5m of shares in an existing joint venture, ABC Electrification Ltd. In order to facilitate the settlement
of the joint venture\u2019s net liabilities, consideration for these shares included a \u00a33.4m cash payment and the write-down of an existing
\u00a33.1m receivable owed to the Group by the joint venture. On the basis of the financial position of ABC Electrification Ltd, the Group did
not expect to recover this equity investment and accordingly booked an impairment charge of \u00a36.5m. This charge was offset against a
corresponding payable previously held in respect of the joint venture losses, in accordance with IAS 28 paragraph 39. Therefore, there
was no net impact on the consolidated income statement in the prior year.
Analysis of Group share of revenue, income and assets and liabilities of joint ventures
2023
2022
Joint ventures Joint ventures
\u00a3m \u00a3m
Revenue
\u2013
(0.8)
Profit before tax
\u2013
\u2013
Taxation
\u2013
\u2013
Profit for the year
\u2013
\u2013
Non-current assets
\u2013
\u2013
Trade and other receivables
0.9
6.1
Cash and cash equivalents
\u2013
(0.1)
Trade and other payables \u2013 current
(0.5)
(5.6)
Non-current liabilities
\u2013
\u2013
Investments in joint ventures and associates
0.4
0.4
Dividends received by Group
\u2013
\u2013
Net interest payable by joint ventures in 2023 was \u00a3nil (2022: \u00a3nil). There was no (2022: no) interest income and interest expense during the year. At the year-end, there were no capital or financial commitments entered into by the joint ventures (2022: none). Analysis of the total revenue, income, assets and liabilities of joint ventures
2023
2022
Joint ventures Joint ventures
\u00a3m \u00a3m
Revenue
0.1
(1.9)
Profit before tax
\u2013
\u2013
Taxation
\u2013
\u2013
Profit for the year
\u2013
\u2013
Non-current assets
\u2013
\u2013
Trade and other receivables
2.0
17.4
Cash and cash equivalents
0.1
(0.3)
Trade and other payables \u2013 current
(0.9)
(16.1)
Non-current liabilities
\u2013
\u2013
Equity
1.2
1.0
There is no other comprehensive income/(expense) in respect of joint ventures or associates.
Issued share Registered
capital Percentage of office/principal
Activity \u00a3m equity held
place of business
Reporting date
Principal joint ventures
ABC Electrification Ltd
Rail Electrification
19.6
33.3
(7)
31 March
4Delivery Limited
Civil Engineering
\u2013
40
(3)
31 March
Key to registered office/principal place of business (1) Costain House, Vanwall Business Park, Maidenhead, Berkshire, SL6 4UB, England (2) 56 Carden Place, Aberdeen, AB10 1UP, Scotland (3) 210 Pentonville Road, London, N1 9JY, England (4) Booths Park, Chelford Road, Knutsford, WA16 8QZ, England (5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA (6) Whitehill House, Windmill Hill Business Park, Whitehill Way, Swindon, SN5 6PE, England (7) 8th Floor, The Place, High Holborn, London, WC1V 7AA, England (8) P.O.Box N-7768, Bank Lane, Nassau, Bahamas (9) Dormant company \u2013 Abu Dhabi, UAE, no record of address (10) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain (11) P.O.Box 6967, 21452, Jeddah, Saudi Arabia (12) Peninsula Plaza #27\u201301, 111 North Bridge Road, 179098, Singapore (13) Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico (14) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland (15) Dormant company \u2013 Venezuela, no record of address (16) Dormant company \u2013 Nigeria, no record of address
Registered
Percentage of office/principal
Status equity held place of business
Other joint ventures or associates owned indirectly by Costain Group PLC
ACM Health Solutions Limited
Dormant
33.3
(4)
Brighton & Hove 4Delivery Limited
Trading
49
(3)
Budimex & Costain SP ZO.O
Dormant
50
(14)
Costain Abu Dhabi Co WLL
Dormant
49
(9)
China Harbour-Costain Mexico S de RL de CV
Dormant
50
(13)
Gravitas Offshore Limited
Dissolved 4 April 2023
45
(6)
Jalal Costain WLL
Dormant
49
(10)
Nesma-Costain Process Co. Limited
Dormant
50
(11)
Costain Abu Dhabi Co WLL has previously been treated as a subsidiary undertaking due to Costain having power to influence and
control the composition of the Board of directors and the beneficial right to all the net income. However, Costain considers that it no
longer controls the Company which no longer trades. Dormant status means no or a very small number of transactions with activity
winding down.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "
Investments in joint ventures
\u00a3m
Cost
At 1 January 2022
14.4
Additions
6.5
At 31 December 2022
20.9
At 1 January 2023
20.9
At 31 December 2023
20.9
Share of post-acquisition reserves
At 1 January 2022
(14.0)
At 31 December 2022
(14.0)
At 1 January 2023
(14.0)
At 31 December 2023
(14.0)
Impairment
At 1 January 2022
\u2013
Impairment in year
(6.5)
At 31 December 2022
(6.5)
At 1 January 2023
(6.5)
At 31 December 2023
(6.5)
Net book value
At 31 December 2023
0.4
At 31 December 2022
0.4
At 1 January 2022
0.4
During 2022, Costain acquired \u00a36.5m of shares in an existing joint venture, ABC Electrification Ltd. In order to facilitate the settlement of the joint venture\u2019s net liabilities, consideration for these shares included a \u00a33.4m cash payment and the write-down of an existing \u00a33.1m receivable owed to the Group by the joint venture. On the basis of the financial position of ABC Electrification Ltd, the Group did not expect to recover this equity investment and accordingly booked an impairment charge of \u00a36.5m. This charge was offset against a corresponding payable previously held in respect of the joint venture losses, in accordance with IAS 28 paragraph 39. Therefore, there was no net impact on the consolidated income statement in the prior year.
Analysis of Group share of revenue, income and assets and liabilities of joint ventures
2023
2022
Joint ventures Joint ventures
\u00a3m \u00a3m
Revenue
\u2013
(0.8)
Profit before tax
\u2013
\u2013
Taxation
\u2013
\u2013
Profit for the year
\u2013
\u2013
Non-current assets
\u2013
\u2013
Trade and other receivables
0.9
6.1
Cash and cash equivalents
\u2013
(0.1)
Trade and other payables \u2013 current
(0.5)
(5.6)
Non-current liabilities
\u2013
\u2013
Investments in joint ventures and associates
0.4
0.4
Dividends received by Group
\u2013
\u2013
Net interest payable by joint ventures in 2023 was \u00a3nil (2022: \u00a3nil). There was no (2022: no) interest income and interest expense during
the year.
At the year-end, there were no capital or financial commitments entered into by the joint ventures (2022: none).
Analysis of the total revenue, income, assets and liabilities of joint ventures
2023
2022
Joint ventures Joint ventures
\u00a3m \u00a3m
Revenue
0.1
(1.9)
Profit before tax
\u2013
\u2013
Taxation
\u2013
\u2013
Profit for the year
\u2013
\u2013
Non-current assets
\u2013
\u2013
Trade and other receivables
2.0
17.4
Cash and cash equivalents
0.1
(0.3)
Trade and other payables \u2013 current
(0.9)
(16.1)
Non-current liabilities
\u2013
\u2013
Equity
1.2
1.0
There is no other comprehensive income/(expense) in respect of joint ventures or associates.
Issued share Registered
capital Percentage of office/principal
Activity \u00a3m equity held
place of business
Reporting date
Principal joint ventures
ABC Electrification Ltd
Rail Electrification
19.6
33.3
(7)
31 March
4Delivery Limited
Civil Engineering
\u2013
40
(3)
31 March
Key to registered office/principal place of business (1) Costain House, Vanwall Business Park, Maidenhead, Berkshire, SL6 4UB, England (2) 56 Carden Place, Aberdeen, AB10 1UP, Scotland (3) 210 Pentonville Road, London, N1 9JY, England (4) Booths Park, Chelford Road, Knutsford, WA16 8QZ, England (5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA (6) Whitehill House, Windmill Hill Business Park, Whitehill Way, Swindon, SN5 6PE, England (7) 8th Floor, The Place, High Holborn, London, WC1V 7AA, England (8) P.O.Box N-7768, Bank Lane, Nassau, Bahamas (9) Dormant company \u2013 Abu Dhabi, UAE, no record of address (10) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain (11) P.O.Box 6967, 21452, Jeddah, Saudi Arabia (12) Peninsula Plaza #27\u201301, 111 North Bridge Road, 179098, Singapore (13) Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico (14) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland (15) Dormant company \u2013 Venezuela, no record of address (16) Dormant company \u2013 Nigeria, no record of address
Registered
Percentage of office/principal
Status equity held place of business
Other joint ventures or associates owned indirectly by Costain Group PLC
ACM Health Solutions Limited
Dormant
33.3
(4)
Brighton & Hove 4Delivery Limited
Trading
49
(3)
Budimex & Costain SP ZO.O
Dormant
50
(14)
Costain Abu Dhabi Co WLL
Dormant
49
(9)
China Harbour-Costain Mexico S de RL de CV
Dormant
50
(13)
Gravitas Offshore Limited
Dissolved 4 April 2023
45
(6)
Jalal Costain WLL
Dormant
49
(10)
Nesma-Costain Process Co. Limited
Dormant
50
(11)
Costain Abu Dhabi Co WLL has previously been treated as a subsidiary undertaking due to Costain having power to influence and control the composition of the Board of directors and the beneficial right to all the net income. However, Costain considers that it no longer controls the Company which no longer trades. Dormant status means no or a very small number of transactions with activity winding down.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "
13 Property, plant and equipment
Right-of-use assets
Land and Plant and Land and Vehicles, plant
buildings equipment buildings and equipment Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
0.6
27.0
14.1
29.4
71.1
Additions (as restated)*
\u2013
0.2
9.1
13.1
22.4
Disposals
(0.6)
(2.6)
(1.4)
(14.2)
(18.8)
At 31 December 2022 (as restated)*
\u2013
24.6
21.8
28.3
74.7
At 1 January 2023
\u2013
24.6
21.8
28.3
74.7
Additions
\u2013
\u2013
0.5
9.7
10.2
Disposals
\u2013
(9.6)
(2.8)
(5.3)
(17.7)
At 31 December 2023
\u2013
15.0
19.5
32.7
67. 2
Accumulated depreciation and impairment
At 1 January 2022
0.6
21.6
6.1
10.8
39.1
Charge in year
\u2013
2.9
2.1
4.9
9.9
Impairment in year
\u2013
1.4
\u2013
\u2013
1.4
Disposals
(0.6)
(2.6)
(0.6)
(3.9)
(7.7)
At 31 December 2022
\u2013
23.3
7.6
11.8
42.7
At 1 January 2023
\u2013
23.3
7.6
11.8
42.7
Charge in year
\u2013
0.9
4.8
9.1
14.8
Disposals
\u2013
(9.6)
(2.6)
(4.9)
(17.1)
At 31 December 2023
\u2013
14.6
9.8
16.0
40.4
Net book value
At 31 December 2023
\u2013
0.4
9.7
16.7
26.8
At 31 December 2022 (as restated)*
\u2013
1.3
14.2
16.5
32.0
At 1 January 2022
\u2013
5.4
8.0
18.6
32.0
Leased assets
Other amounts recognised in the income statement:
2023 2022
\u00a3m \u00a3m
Interest expense (included in finance expense)
1.5
1.2
Expense relating to short-term leases (included in cost of sales and administrative expenses)
54.8
62.4
The lease liabilities relating to these right-of-use assets are as follows:
2023 2022
(as restated)*
\u00a3m \u00a3m
Current
10.3
11.0
Non-current
14.0
18.5
24.3
29.5
* See note 26 for more information on restatement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "Leased assets Other amounts recognised in the income statement:
2023 2022
\u00a3m \u00a3m
Interest expense (included in finance expense)
1.5
1.2
Expense relating to short-term leases (included in cost of sales and administrative expenses)
54.8
62.4
The lease liabilities relating to these right-of-use assets are as follows:
2023 2022
(as restated)*
\u00a3m \u00a3m
Current
10.3
11.0
Non-current
14.0
18.5
24.3
29.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "
15 Assets and liabilities related to contracts with customers
The Group has recognised the following assets and liabilities related to contracts with customers, in addition to amounts included in
trade receivables and trade payables:
2023 2022
\u00a3m \u00a3m
Contract assets
26.9
50.8
Non-current assets recognised relating to customer retentions
4.2
3.4
Contract liabilities
(5.1)
(1.4)
Contract assets is made up of a portfolio of contracts and represents unbilled amounts and includes amounts arising from changes to the
scope of works that have been recognised as revenue but not yet billed to the customer. There are no other significant one-off factors
outside of normal trading contributing to the decrease in contract assets.
Contract liabilities result when cumulative cash received exceeds cumulative revenue on any particular contract. On contracts
undertaken by the Group, this typically results from work being undertaken, or on framework contracts awarded, in a different order
to the programme envisaged in the contractual payments schedule. There are no significant one-off factors outside of normal trading
contributing to the increase in contract liabilities.
Revenue recognised in 2023 from performance obligations satisfied in previous periods was immaterial.
The aggregate amount of costs incurred plus recognised profits, less recognised losses, for all contracts in progress at the statement
of financial position date was \u00a34,116.8m (2022: \u00a33,501.3m). Progress billings and advances received from customers under open
construction contracts amounted to \u00a34,098.4m (2022: \u00a33,485.3m). Advances for which work has not started, and billings in excess of
costs incurred and recognised profits are included in credit balances on long-term contracts.
Unsatisfied long-term contracts
The following table shows unsatisfied performance obligations resulting from long-term contracts:
2023 2022
\u00a3m \u00a3m
Aggregate amount of the transaction price allocated to long-term
contracts that are partially or fully unsatisfied as at 31 December
1,826.2
1,812.6
Management expects that approximately 51% of the transaction price allocated to the unsatisfied contracts as of 31 December 2023
will be recognised as revenue during the next reporting period (\u00a3935.2m). Of the remaining 49%, 41% will be recognised during
2025 to 2027.
Mobilisation costs and costs incurred to obtain a contract
The Group does not have any assets relating to mobilisation costs or costs incurred to obtain a contract.
", "dimensions": { "concept": "costaingroupplc:DisclosureOfAssetsAndLiabilitiesRelatedToContractsWithCustomers", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "15 Assets and liabilities related to contracts with customers The Group has recognised the following assets and liabilities related to contracts with customers, in addition to amounts included in trade receivables and trade payables:
2023 2022
\u00a3m \u00a3m
Contract assets
26.9
50.8
Non-current assets recognised relating to customer retentions
4.2
3.4
Contract liabilities
(5.1)
(1.4)
Contract assets is made up of a portfolio of contracts and represents unbilled amounts and includes amounts arising from changes to the scope of works that have been recognised as revenue but not yet billed to the customer. There are no other significant one-off factors outside of normal trading contributing to the decrease in contract assets. Contract liabilities result when cumulative cash received exceeds cumulative revenue on any particular contract. On contracts undertaken by the Group, this typically results from work being undertaken, or on framework contracts awarded, in a different order to the programme envisaged in the contractual payments schedule. There are no significant one-off factors outside of normal trading contributing to the increase in contract liabilities. Revenue recognised in 2023 from performance obligations satisfied in previous periods was immaterial. The aggregate amount of costs incurred plus recognised profits, less recognised losses, for all contracts in progress at the statement of financial position date was \u00a34,116.8m (2022: \u00a33,501.3m). Progress billings and advances received from customers under open construction contracts amounted to \u00a34,098.4m (2022: \u00a33,485.3m). Advances for which work has not started, and billings in excess of costs incurred and recognised profits are included in credit balances on long-term contracts. Unsatisfied long-term contracts The following table shows unsatisfied performance obligations resulting from long-term contracts:
2023 2022
\u00a3m \u00a3m
Aggregate amount of the transaction price allocated to long-term
contracts that are partially or fully unsatisfied as at 31 December
1,826.2
1,812.6
Management expects that approximately 51% of the transaction price allocated to the unsatisfied contracts as of 31 December 2023 will be recognised as revenue during the next reporting period (\u00a3935.2m). Of the remaining 49%, 41% will be recognised during 2025 to 2027. Mobilisation costs and costs incurred to obtain a contract The Group does not have any assets relating to mobilisation costs or costs incurred to obtain a contract. 20 Provisions for other liabilities and charges
Rectification Onerous
provision contract Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Current
At 1 January 2022
6.2
43.4
0.7
50.3
Provided
7.1
\u2013
0.6
7.7
Utilised
(4.8)
(43.4)
(0.4)
(48.6)
At 31 December 2022
8.5
\u2013
0.9
9.4
At 1 January 2023
8.5
\u2013
0.9
9.4
Provided
2.2
\u2013
2.3
4.5
Utilised
(2.8)
\u2013
(0.1)
(2.9)
Released
\u2013
\u2013
(0.4)
(0.4)
Reclassified from non-current
3.7
\u2013
\u2013
3.7
At 31 December 2023
11.6
\u2013
2.7
14.3
Non-current
At 1 January 2022
\u2013
\u2013
\u2013
\u2013
Provided
3.7
\u2013
\u2013
3.7
At 31 December 2022
3.7
\u2013
\u2013
3.7
At 1 January 2023
3.7
\u2013
\u2013
3.7
Reclassified to current
(3.7)
\u2013
\u2013
(3.7)
At 31 December 2023
\u2013
\u2013
\u2013
\u2013
Expected credit Funding
loss provision obligations Total
Company \u00a3m \u00a3m \u00a3m
Current
At 1 January 2022
40.0
\u2013
40.0
Reclassified from non-current
\u2013
0.1
0.1
Reclassified to amounts owed by subsidiary undertakings
(40.0)
\u2013
(40.0)
At 31 December 2022
\u2013
0.1
0.1
At 1 January 2023
\u2013
0.1
0.1
Reclassified from non-current
\u2013
0.1
0.1
Utilised
\u2013
(0.1)
(0.1)
At 31 December 2023
\u2013
0.1
0.1
Non-current
At 1 January 2022
\u2013
0.7
0.7
Provided
\u2013
0.1
0.1
Reclassified to current
\u2013
(0.1)
(0.1)
At 31 December 2022
\u2013
0.7
0.7
At 1 January 2023
\u2013
0.7
0.7
Reclassified to current
\u2013
(0.1)
(0.1)
At 31 December 2023
\u2013
0.6
0.6
19 Trade and other payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
Trade payables
69.3
97.5
\u2013
\u2013
Other payables
24.1
33.4
0.1
0.1
Social security
8.6
7.9
\u2013
\u2013
Contract liabilities
5.1
1.4
\u2013
\u2013
Accruals and deferred income
100.1
91.6
0.5
0.9
Amounts owed to joint ventures and associates
0.6
0.7
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
40.2
26.4
207.8
232.5
40.8
27.4
Non-current liabilities
Other payables
2.2
1.1
\u2013
\u2013
2.2
1.1
\u2013
\u2013
Accruals and deferred income include subcontract liabilities (not yet payable), subcontract retentions and other accruals and deferred income. The amounts included in contract liabilities and in deferred income at 31 December 2022 have all been recognised in the income statement in the year. Other payables primarily includes the VAT liability. The directors consider that the carrying amount of trade payables, other payables, social security and amounts owed to joint ventures and associates approximates to their fair value. Financial risk management policies are in place that seek to ensure that all payables are paid within their credit timeframes.
Group
Rectification provision: Contract in the water sector
In 2021, Costain recognised a provision in respect of the estimated future costs of expected rectification works required at a customer\u2019s
water treatment facility where the Group had been prime contractor.
As at 31 December 2022, after working with designers, insurers and the customer, there was greater clarity as to the scope and cost
of rectification work required and the Group\u2019s best estimate of the cost of the single most likely rectification solution at this time was
\u00a317.0m. Costs of \u00a34.8m had been incurred at the end of 2022, and accordingly a provision of \u00a312.2m was included in the statement of
financial position.
During 2023, progress in design and procurement has enabled management to validate the assessed programme and the revised
estimated total cost is \u00a319.3m.
Costs of \u00a37.7m have been incurred to date and therefore the provision recognised in the statement of financial position and disclosed in
the table at 31 December 2023 is \u00a311.6m. The work is still expected to be concluded in 2024.
As reported in 2022, Costain has engaged with its insurers and received confirmation that insurance cover is available and that all
reasonable costs of rectification work that are validly incurred will be met by insurers. Consistent with this, insurers continued to make
interim payments on account during 2023. Accordingly, an insurance receivable of \u00a312.7m is recognised in the statement of financial
position in accordance with IAS 37 on the basis that recovery is considered virtually certain. There is a cap on insurance but the cap is
significantly in excess of the cost estimate. As at 31 December 2022, \u00a313.4m had been recognised as an insurance receivable.
Whilst the cost provision is management\u2019s best estimate based on the current level of design maturity, it is a reasonable assumption that
as this design is finalised there may be variances to this estimate. It is therefore reasonably foreseeable that adjustments to the amounts
recognised as a provision may be required.
However, given the relationship between the insurance policy and the liability, management does not consider that any increase in the
cost of the rectification works will result in a material impact to the Group\u2019s financial position.
Further information on estimates and judgements made in relation to this provision are given in note 2.
Other provisions, mainly comprise provisions for remedial and legal costs, most of which are expected to be utilised over the next year.
Company
Provisions in the Company relate to funding obligations to a non-trading overseas subsidiary, which eliminate on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "15 Assets and liabilities related to contracts with customers The Group has recognised the following assets and liabilities related to contracts with customers, in addition to amounts included in trade receivables and trade payables:
2023 2022
\u00a3m \u00a3m
Contract assets
26.9
50.8
Non-current assets recognised relating to customer retentions
4.2
3.4
Contract liabilities
(5.1)
(1.4)
Contract assets is made up of a portfolio of contracts and represents unbilled amounts and includes amounts arising from changes to the scope of works that have been recognised as revenue but not yet billed to the customer. There are no other significant one-off factors outside of normal trading contributing to the decrease in contract assets. Contract liabilities result when cumulative cash received exceeds cumulative revenue on any particular contract. On contracts undertaken by the Group, this typically results from work being undertaken, or on framework contracts awarded, in a different order to the programme envisaged in the contractual payments schedule. There are no significant one-off factors outside of normal trading contributing to the increase in contract liabilities. Revenue recognised in 2023 from performance obligations satisfied in previous periods was immaterial. The aggregate amount of costs incurred plus recognised profits, less recognised losses, for all contracts in progress at the statement of financial position date was \u00a34,116.8m (2022: \u00a33,501.3m). Progress billings and advances received from customers under open construction contracts amounted to \u00a34,098.4m (2022: \u00a33,485.3m). Advances for which work has not started, and billings in excess of costs incurred and recognised profits are included in credit balances on long-term contracts. Unsatisfied long-term contracts The following table shows unsatisfied performance obligations resulting from long-term contracts:
2023 2022
\u00a3m \u00a3m
Aggregate amount of the transaction price allocated to long-term
contracts that are partially or fully unsatisfied as at 31 December
1,826.2
1,812.6
Management expects that approximately 51% of the transaction price allocated to the unsatisfied contracts as of 31 December 2023 will be recognised as revenue during the next reporting period (\u00a3935.2m). Of the remaining 49%, 41% will be recognised during 2025 to 2027. Mobilisation costs and costs incurred to obtain a contract The Group does not have any assets relating to mobilisation costs or costs incurred to obtain a contract. 16 Trade and other receivables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts included in current assets
Trade receivables
92.5
98.3
\u2013
\u2013
Other receivables
6.6
6.8
\u2013
\u2013
Contract assets
26.9
50.8
\u2013
\u2013
Prepayments and accrued income
23.1
31.3
0.9
0.9
Amounts owed by joint ventures and associates
\u2013
0.2
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
\u2013
69.4
149.1
187.4
0.9
70.3
Amounts included in non-current assets
Other receivables
4.2
3.5
\u2013
\u2013
At 31 December 2023, contract assets falling due within one year include retentions of \u00a33.4m (2022: \u00a33.1m) relating to long-term contracts in progress. Other receivables falling due after more than one year include retentions of \u00a34.2m (2022: \u00a33.5m) relating to long-term contracts in progress. The average credit period within trade receivables on amounts billed for construction work and on sales of goods is 32 days (2022: 32 days). The analysis of the due dates of the trade receivables was \u00a384.8m (2022: \u00a391.3m) due within 30 days, \u00a34.0m (2022: \u00a33.3m) due between 30 and 60 days and \u00a33.7m (2022: \u00a33.7m) due after 60 days. An analysis of trade receivables that are beyond their due dates is shown in note 18. In respect of the Company, amounts due from subsidiary undertakings are repayable on demand and may be interest-bearing.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
17 Cash and cash equivalents, loans and borrowings
Cash and cash equivalents
Cash and cash equivalents are analysed below, and include the Group\u2019s share of cash held by joint operations of \u00a359.2m (2022: \u00a356.5m).
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
164.4
123.8
81.8
0.1
Cash and cash equivalents in
the cash flow statement
164.4
123.8
81.8
0.1
Cash flow information
Net cash/(debt) reconciliation
This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2023 2022 2023 2022
(as restated)*
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
164.4
123.8
81.8
0.1
Net cash before lease liabilities
164.4
123.8
81.8
0.1
Lease liabilities (note 13) (as restated)*
(24.3)
(29.5)
\u2013
\u2013
Net cash
140.1
94.3
81.8
0.1
Cash and cash Borrowings \u2013 Borrowings \u2013 Lease liabilities
equivalents current non-current (as restated)* Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
159.4
(7.4)
(32.0)
(26.8)
93.2
Cash flows
(35.6)
7.4
32.0
8.4
12.2
New leases (as restated)*
\u2013
\u2013
\u2013
(22.2)
(22.2)
Disposal of leases
\u2013
\u2013
\u2013
11.1
11.1
Interest expense
\u2013
\u2013
\u2013
(1.2)
(1.2)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.2
1.2
Net cash/(debt) at 31 December 2022 (as restated)*
123.8
\u2013
\u2013
(29.5)
94.3
Net cash/(debt) at 1 January 2023
123.8
\u2013
\u2013
(29.5)
94.3
Cash flows
40.6
\u2013
\u2013
12.6
53.2
New leases
\u2013
\u2013
\u2013
(10.2)
(10.2)
Disposal of leases
\u2013
\u2013
\u2013
2.8
2.8
Interest expense
\u2013
\u2013
\u2013
(1.5)
(1.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.5
1.5
Net cash/(debt) at 31 December 2023
164.4
\u2013
\u2013
(24.3)
140.1
Cash and cash Borrowings \u2013 Borrowings \u2013
equivalents current non-current Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
75.0
(7.4)
(32.0)
35.6
Cash flows
(74.9)
7.4
32.0
(35.5)
Net cash at 31 December 2022
0.1
\u2013
\u2013
0.1
Net cash/(debt) at 1 January 2023
0.1
\u2013
\u2013
0.1
Cash flows
81.7
\u2013
\u2013
81.7
Net cash at 31 December 2023
81.8
\u2013
\u2013
81.8
* See note 26 for more information on restatement .
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "17 Cash and cash equivalents, loans and borrowings Cash and cash equivalents Cash and cash equivalents are analysed below, and include the Group\u2019s share of cash held by joint operations of \u00a359.2m (2022: \u00a356.5m).
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
164.4
123.8
81.8
0.1
Cash and cash equivalents in
the cash flow statement
164.4
123.8
81.8
0.1
Cash flow information Net cash/(debt) reconciliation This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2023 2022 2023 2022
(as restated)*
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
164.4
123.8
81.8
0.1
Net cash before lease liabilities
164.4
123.8
81.8
0.1
Lease liabilities (note 13) (as restated)*
(24.3)
(29.5)
\u2013
\u2013
Net cash
140.1
94.3
81.8
0.1
Cash and cash Borrowings \u2013 Borrowings \u2013 Lease liabilities
equivalents current non-current (as restated)* Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
159.4
(7.4)
(32.0)
(26.8)
93.2
Cash flows
(35.6)
7.4
32.0
8.4
12.2
New leases (as restated)*
\u2013
\u2013
\u2013
(22.2)
(22.2)
Disposal of leases
\u2013
\u2013
\u2013
11.1
11.1
Interest expense
\u2013
\u2013
\u2013
(1.2)
(1.2)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.2
1.2
Net cash/(debt) at 31 December 2022 (as restated)*
123.8
\u2013
\u2013
(29.5)
94.3
Net cash/(debt) at 1 January 2023
123.8
\u2013
\u2013
(29.5)
94.3
Cash flows
40.6
\u2013
\u2013
12.6
53.2
New leases
\u2013
\u2013
\u2013
(10.2)
(10.2)
Disposal of leases
\u2013
\u2013
\u2013
2.8
2.8
Interest expense
\u2013
\u2013
\u2013
(1.5)
(1.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.5
1.5
Net cash/(debt) at 31 December 2023
164.4
\u2013
\u2013
(24.3)
140.1
Cash and cash Borrowings \u2013 Borrowings \u2013
equivalents current non-current Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
75.0
(7.4)
(32.0)
35.6
Cash flows
(74.9)
7.4
32.0
(35.5)
Net cash at 31 December 2022
0.1
\u2013
\u2013
0.1
Net cash/(debt) at 1 January 2023
0.1
\u2013
\u2013
0.1
Cash flows
81.7
\u2013
\u2013
81.7
Net cash at 31 December 2023
81.8
\u2013
\u2013
81.8
* See note 26 for more information on restatement ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "17 Cash and cash equivalents, loans and borrowings Cash and cash equivalents Cash and cash equivalents are analysed below, and include the Group\u2019s share of cash held by joint operations of \u00a359.2m (2022: \u00a356.5m).
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
164.4
123.8
81.8
0.1
Cash and cash equivalents in
the cash flow statement
164.4
123.8
81.8
0.1
Cash flow information Net cash/(debt) reconciliation This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2023 2022 2023 2022
(as restated)*
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
164.4
123.8
81.8
0.1
Net cash before lease liabilities
164.4
123.8
81.8
0.1
Lease liabilities (note 13) (as restated)*
(24.3)
(29.5)
\u2013
\u2013
Net cash
140.1
94.3
81.8
0.1
Cash and cash Borrowings \u2013 Borrowings \u2013 Lease liabilities
equivalents current non-current (as restated)* Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
159.4
(7.4)
(32.0)
(26.8)
93.2
Cash flows
(35.6)
7.4
32.0
8.4
12.2
New leases (as restated)*
\u2013
\u2013
\u2013
(22.2)
(22.2)
Disposal of leases
\u2013
\u2013
\u2013
11.1
11.1
Interest expense
\u2013
\u2013
\u2013
(1.2)
(1.2)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.2
1.2
Net cash/(debt) at 31 December 2022 (as restated)*
123.8
\u2013
\u2013
(29.5)
94.3
Net cash/(debt) at 1 January 2023
123.8
\u2013
\u2013
(29.5)
94.3
Cash flows
40.6
\u2013
\u2013
12.6
53.2
New leases
\u2013
\u2013
\u2013
(10.2)
(10.2)
Disposal of leases
\u2013
\u2013
\u2013
2.8
2.8
Interest expense
\u2013
\u2013
\u2013
(1.5)
(1.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.5
1.5
Net cash/(debt) at 31 December 2023
164.4
\u2013
\u2013
(24.3)
140.1
Cash and cash Borrowings \u2013 Borrowings \u2013
equivalents current non-current Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
75.0
(7.4)
(32.0)
35.6
Cash flows
(74.9)
7.4
32.0
(35.5)
Net cash at 31 December 2022
0.1
\u2013
\u2013
0.1
Net cash/(debt) at 1 January 2023
0.1
\u2013
\u2013
0.1
Cash flows
81.7
\u2013
\u2013
81.7
Net cash at 31 December 2023
81.8
\u2013
\u2013
81.8
* See note 26 for more information on restatement .
The expected loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that might affect the
ability of the customers to settle the receivables.
On this basis, the loss allowance as at 31 December 2023 and 31 December 2022 was determined as follows for both trade receivables
and contract assets:
Less than 60 to 120 days More than 120 days
Current 60 days past due past due
past due
Total
31 December 2023
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
78.5
11.9
1.7
0.2
92.3
Contract assets
13.8
6.4
2.0
4.7
26.9
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.1
\u2013
\u2013
0.1
0.2
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2022
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
94.3
2.1
0.7
0.2
97.3
Contract assets
34.0
15.2
1.3
0.2
50.8
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.7
0.2
\u2013
0.1
1.0
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment losses on trade receivables and contract assets are included within operating profit. Subsequent recoveries of amounts
previously written off are credited against the same line item. The total provision for impairment of trade and other receivables is
\u00a30.3m (2022: \u00a30.3m). The credit risk in contract assets is not material.
Deposits in the UK are placed with the bank facility providers or, in joint operations, with banks agreed by the partners, provided that
the bank has a long-term credit rating above BBB-. Transactions involving derivative financial instruments are with bank or insurance
company counterparties with high credit ratings that are monitored regularly and with whom there are signed netting agreements.
Given the high credit ratings of the banks and insurance companies used, management does not expect any counterparty will fail to
meet its obligations.
18 Financial instruments \u2013 Fair values and risk management
Risk management
The Group\u2019s centralised treasury function manages financial risk, principally arising from liquidity and funding risks and movements in
foreign currency rates and interest rates, for all companies within the Group in accordance with policies agreed by the directors.
Neither the Company nor the Group enters into speculative transactions.
a) Capital management
The objective of the Group\u2019s strategy is to deliver long-term sustainable value to shareholders while maintaining a balanced approach
to investment in the business, a strong balance sheet and returns to shareholders. Costain is targeting a dividend cover of around three
times adjusted earnings, taking into account the cash flow generated in the period, and the potential impact of the \u2018dividend parity\u2019
arrangement relating to the defined benefit pension scheme.
Dividend payments were resumed in 2023 with an interim dividend of 0.4p per share for the six months ended 30 June 2023. The Board
is proposing a final dividend of 0.8p per share.
b) Liquidity and funding risk
Ultimate responsibility for liquidity and funding risk rests with the Board, which has put in place a monitoring and reporting framework to
manage funding requirements.
Liquidity risk is managed by monitoring actual and forecast short and medium-term cash flows and the maturity profile of financial assets
and liabilities and by maintaining adequate cash reserves and bank facilities. The nature and timing of the contract cash flows, together
with the change in business mix, is causing the cash balances to reflect minimal variances between the average month-end and week-end
balances during the year.
The average month-end net cash balance during the year was \u00a3141.4m (2022: \u00a3101.9m) and the average week-end net cash balance
during the year was \u00a3141.0m (2022: \u00a394.5m).
Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and
other bonds. Consequently, the Group is reliant on its ability to source bank and surety bonds. It has facilities in place to provide these
bonds and monitors the usage and regularly updates the forecast usage of these facilities.
At 31 December 2023, the Group had banking and bonding facilities, including a \u00a385.0m Revolving Credit Facility, extending to 24
September 2026 (2022: \u00a3125.0m Revolving Credit Facility, extending to 24 September 2024). The unsecured facilities have financial
covenants based on interest cover and leverage measured quarterly and liquidity measured monthly. The covenants are based on
accounting standards already in force at the date of signing the facilities and any subsequent agreements. The Group complied with all
covenants in 2023. The unsecured bonding facilities are set out below:
Group and Company
2023 2022
\u00a3m \u00a3m
Expiring between one and five years
270.0
280.0
Element of above facilities available for borrowings
\u2013
\u2013
At 31 December 2023, the utilisation of these bonding facilities amounted to \u00a369.8m (2022: \u00a388.8m).
c) Credit risk
The Group focuses on major Tier 1 private sector and large public sector customers. In respect of contracts with customers, the Group
uses an external credit scoring system to assess a potential customer\u2019s credit quality and considers the timing and amounts of progress
payments and will enter into a contract only if these assessments are satisfactory.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk
characteristics and the days past due. Group 1 comprises major Tier 1 private sector and large public sector customers. Group 2 includes
smaller customers and receivables arising from various additional services undertaken as requirements of some of the maintenance
contracts. Revenue of \u00a31,322.2m (2022: \u00a31,412.1m) was attributable to Group 1 customers and \u00a39.8m (2022: \u00a39.3m) attributable to
Group 2 customers.
The contract assets relate to unbilled work in progress and have substantially the same credit risk characteristics as the trade
receivables for the same types of contracts. The Group has concluded that the expected loss rates for trade receivables are a
reasonable approximation of the loss rates for the contract assets.
b) Currency and maturity of financial liabilities
Financial liabilities not measured at fair value
2023
2022
Between
Between Within one and
Within one and Total (as one year (as five years (as
Total one year five years restated)* restated)* restated)*
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities \u2013 pounds sterling
24.3
10.3
14.0
29.5
11.0
18.5
Trade and other payables \u2013 pounds sterling
104.8
102.6
2.2
140.6
139.5
1.1
Total financial liabilities not measured at fair value
129.1
112.9
16.2
170.1
150.5
19.6
The Group has not disclosed the fair values for short-term trade and other payables and bank loans within financial liabilities, because
their carrying amounts are a reasonable approximation of fair values.
Lease liabilities are carried at the present value of the minimum lease payments. The expected undiscounted lease payments on long-
term and high value leased assets included in the IFRS 16 discounted liability are within one year \u00a313.0m (2022: \u00a312.5m as restated*),
two to five years \u00a323.5m (2022: \u00a326.8m as restated*) and over five years \u00a34.2m (2022:\u00a34.6m as restated*).
There are no financial liabilities carried at fair value.
The Company has issued financial guarantees relating to performance of contracts signed by its subsidiaries, which could be called upon
on demand if the subsidiary fails to perform under the contract. However, the value of these guarantees is difficult to quantify, and they
have never been called.
* See note 26 for more information on restatement.
c) Reconciliation of trade and other receivables and trade and other payables to the statement of financial position
2023
2022
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables (as above)
110.1
5.9
114.7
7.5
Contract assets
26.9
\u2013
50.8
\u2013
Prepayments and accrued income
23.1
\u2013
31.3
\u2013
160.1
5.9
196.8
7.5
2023
2022
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (as above)
102.6
2.2
139.5
1.1
Contract liabilities
5.1
\u2013
1.4
\u2013
Accruals and deferred income
100.1
\u2013
91.6
\u2013
207. 8
2.2
232.5
1.1
d) Effective interest rates of financial assets and liabilities
2023
2022
Financial assets
Cash and cash equivalents
0.00% to 5.15%
0.00% to 3.40%
Financial liabilities
The Group has a \u00a385.0m (2022: \u00a3125.0m) Revolving Credit Facility (RCF) of which \u00a3nil (2022: \u00a3nil) was drawn at the year-end. The RCF is
unsecured and carries interest at floating rate at a margin over SONIA.
At the year-end date, excluding UK Government bodies, there were no significant concentrations of credit risk. The maximum exposure
to credit risk is represented by the carrying amounts of each financial asset, including derivative financial instruments, and the individual
constituents of contract assets in the statement of financial position.
d) Interest rate risk
The Group has cash balances and bank facilities in the UK, mostly denominated in pounds sterling.
The Group repaid the Term Loan during 2022 and therefore, at the 2023 year-end, interest rate risk is negligible.
e) Foreign currency risk
Transactional currency exposures arise from sales or purchases by operating companies in currencies other than their functional
currency. The current strategy is to hedge both committed and forecast foreign currency exposures, where applicable, and where the
transaction timing and amount can be determined reliably and no natural hedge exists. The Group only enters into forward contracts
when a contractual commitment exists in respect of the foreign currency transaction and the Group\u2019s policy is to negotiate the terms of
the hedge derivative to match the terms of the hedged item to maximise hedge effectiveness. The Group\u2019s treasury function evaluates
and hedges foreign currency risks, in close cooperation with the responsible operational management team.
Financial assets and liabilities
The Group has grouped its financial instruments into \u2018classes\u2019. Although IFRS 7 does not define \u2018classes\u2019, as a minimum instruments
measured at amortised cost should be distinguished from instruments measured at fair value.
a) Currency and maturity of financial assets
Financial assets not measured at fair value
2023
2022
Between Between
Within one and After five Within one and After five
Total one year five years years Total one year five years years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
pounds sterling
163.9
163.9
\u2013
\u2013
123.2
123.2
\u2013
\u2013
other
0.5
0.5
\u2013
\u2013
0.6
0.6
\u2013
\u2013
164.4
164.4
\u2013
\u2013
123.8
123.8
\u2013
\u2013
Trade, other receivables and amounts owed
by joint ventures and associates:
pounds sterling
103.3
99.1
4.2
\u2013
108.8
105.3
3.5
\u2013
Insurance recovery asset:
pounds sterling
12.7
11.0
1.7
\u2013
13.4
9.4
4.0
\u2013
116.0
110.1
5.9
\u2013
122.2
114.7
7.5
\u2013
Total financial assets
not measured at fair value
280.4
274.5
5.9
\u2013
246.0
238.5
7.5
\u2013
The Group has not disclosed the fair values for short-term trade receivables and amounts due from joint ventures and associates within
financial assets, because their carrying amounts are a reasonable approximation of fair values.
Financial assets measured at fair value
The Group measures its currency forwards at fair value (see above) but does not have any other financial assets measured at fair value.
Measurement of fair value
Valuation techniques and significant unobservable inputs
The following tables show the valuation techniques used in measuring Level 2 fair values, as well as the significant unobservable inputs
used. There are no financial instruments whose fair value could be determined under Level 1 or 3.
Financial instruments not measured at fair value
Type
Valuation technique
Significant unobservable inputs
Other financial liabilities (as above)
Discounted cash flow
Not applicable
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "Cash flow information Net cash/(debt) reconciliation This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2023 2022 2023 2022
(as restated)*
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
164.4
123.8
81.8
0.1
Net cash before lease liabilities
164.4
123.8
81.8
0.1
Lease liabilities (note 13) (as restated)*
(24.3)
(29.5)
\u2013
\u2013
Net cash
140.1
94.3
81.8
0.1
Cash and cash Borrowings \u2013 Borrowings \u2013 Lease liabilities
equivalents current non-current (as restated)* Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
159.4
(7.4)
(32.0)
(26.8)
93.2
Cash flows
(35.6)
7.4
32.0
8.4
12.2
New leases (as restated)*
\u2013
\u2013
\u2013
(22.2)
(22.2)
Disposal of leases
\u2013
\u2013
\u2013
11.1
11.1
Interest expense
\u2013
\u2013
\u2013
(1.2)
(1.2)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.2
1.2
Net cash/(debt) at 31 December 2022 (as restated)*
123.8
\u2013
\u2013
(29.5)
94.3
Net cash/(debt) at 1 January 2023
123.8
\u2013
\u2013
(29.5)
94.3
Cash flows
40.6
\u2013
\u2013
12.6
53.2
New leases
\u2013
\u2013
\u2013
(10.2)
(10.2)
Disposal of leases
\u2013
\u2013
\u2013
2.8
2.8
Interest expense
\u2013
\u2013
\u2013
(1.5)
(1.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.5
1.5
Net cash/(debt) at 31 December 2023
164.4
\u2013
\u2013
(24.3)
140.1
Cash and cash Borrowings \u2013 Borrowings \u2013
equivalents current non-current Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
75.0
(7.4)
(32.0)
35.6
Cash flows
(74.9)
7.4
32.0
(35.5)
Net cash at 31 December 2022
0.1
\u2013
\u2013
0.1
Net cash/(debt) at 1 January 2023
0.1
\u2013
\u2013
0.1
Cash flows
81.7
\u2013
\u2013
81.7
Net cash at 31 December 2023
81.8
\u2013
\u2013
81.8
* See note 26 for more information on restatement . ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "Cash flow information Net cash/(debt) reconciliation This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2023 2022 2023 2022
(as restated)*
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
164.4
123.8
81.8
0.1
Net cash before lease liabilities
164.4
123.8
81.8
0.1
Lease liabilities (note 13) (as restated)*
(24.3)
(29.5)
\u2013
\u2013
Net cash
140.1
94.3
81.8
0.1
Cash and cash Borrowings \u2013 Borrowings \u2013 Lease liabilities
equivalents current non-current (as restated)* Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
159.4
(7.4)
(32.0)
(26.8)
93.2
Cash flows
(35.6)
7.4
32.0
8.4
12.2
New leases (as restated)*
\u2013
\u2013
\u2013
(22.2)
(22.2)
Disposal of leases
\u2013
\u2013
\u2013
11.1
11.1
Interest expense
\u2013
\u2013
\u2013
(1.2)
(1.2)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.2
1.2
Net cash/(debt) at 31 December 2022 (as restated)*
123.8
\u2013
\u2013
(29.5)
94.3
Net cash/(debt) at 1 January 2023
123.8
\u2013
\u2013
(29.5)
94.3
Cash flows
40.6
\u2013
\u2013
12.6
53.2
New leases
\u2013
\u2013
\u2013
(10.2)
(10.2)
Disposal of leases
\u2013
\u2013
\u2013
2.8
2.8
Interest expense
\u2013
\u2013
\u2013
(1.5)
(1.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
\u2013
1.5
1.5
Net cash/(debt) at 31 December 2023
164.4
\u2013
\u2013
(24.3)
140.1
Cash and cash Borrowings \u2013 Borrowings \u2013
equivalents current non-current Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2022
75.0
(7.4)
(32.0)
35.6
Cash flows
(74.9)
7.4
32.0
(35.5)
Net cash at 31 December 2022
0.1
\u2013
\u2013
0.1
Net cash/(debt) at 1 January 2023
0.1
\u2013
\u2013
0.1
Cash flows
81.7
\u2013
\u2013
81.7
Net cash at 31 December 2023
81.8
\u2013
\u2013
81.8
* See note 26 for more information on restatement . ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "
16 Trade and other receivables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts included in current assets
Trade receivables
92.5
98.3
\u2013
\u2013
Other receivables
6.6
6.8
\u2013
\u2013
Contract assets
26.9
50.8
\u2013
\u2013
Prepayments and accrued income
23.1
31.3
0.9
0.9
Amounts owed by joint ventures and associates
\u2013
0.2
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
\u2013
69.4
149.1
187.4
0.9
70.3
Amounts included in non-current assets
Other receivables
4.2
3.5
\u2013
\u2013
At 31 December 2023, contract assets falling due within one year include retentions of \u00a33.4m (2022: \u00a33.1m) relating to long-term
contracts in progress. Other receivables falling due after more than one year include retentions of \u00a34.2m (2022: \u00a33.5m) relating to
long-term contracts in progress.
The average credit period within trade receivables on amounts billed for construction work and on sales of goods is 32 days (2022: 32
days). The analysis of the due dates of the trade receivables was \u00a384.8m (2022: \u00a391.3m) due within 30 days, \u00a34.0m (2022: \u00a33.3m) due
between 30 and 60 days and \u00a33.7m (2022: \u00a33.7m) due after 60 days. An analysis of trade receivables that are beyond their due dates is
shown in note 18.
In respect of the Company, amounts due from subsidiary undertakings are repayable on demand and may be interest-bearing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "16 Trade and other receivables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts included in current assets
Trade receivables
92.5
98.3
\u2013
\u2013
Other receivables
6.6
6.8
\u2013
\u2013
Contract assets
26.9
50.8
\u2013
\u2013
Prepayments and accrued income
23.1
31.3
0.9
0.9
Amounts owed by joint ventures and associates
\u2013
0.2
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
\u2013
69.4
149.1
187.4
0.9
70.3
Amounts included in non-current assets
Other receivables
4.2
3.5
\u2013
\u2013
At 31 December 2023, contract assets falling due within one year include retentions of \u00a33.4m (2022: \u00a33.1m) relating to long-term contracts in progress. Other receivables falling due after more than one year include retentions of \u00a34.2m (2022: \u00a33.5m) relating to long-term contracts in progress. The average credit period within trade receivables on amounts billed for construction work and on sales of goods is 32 days (2022: 32 days). The analysis of the due dates of the trade receivables was \u00a384.8m (2022: \u00a391.3m) due within 30 days, \u00a34.0m (2022: \u00a33.3m) due between 30 and 60 days and \u00a33.7m (2022: \u00a33.7m) due after 60 days. An analysis of trade receivables that are beyond their due dates is shown in note 18. In respect of the Company, amounts due from subsidiary undertakings are repayable on demand and may be interest-bearing.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "18 Financial instruments \u2013 Fair values and risk management Risk management The Group\u2019s centralised treasury function manages financial risk, principally arising from liquidity and funding risks and movements in foreign currency rates and interest rates, for all companies within the Group in accordance with policies agreed by the directors. Neither the Company nor the Group enters into speculative transactions. a) Capital management The objective of the Group\u2019s strategy is to deliver long-term sustainable value to shareholders while maintaining a balanced approach to investment in the business, a strong balance sheet and returns to shareholders. Costain is targeting a dividend cover of around three times adjusted earnings, taking into account the cash flow generated in the period, and the potential impact of the \u2018dividend parity\u2019 arrangement relating to the defined benefit pension scheme. Dividend payments were resumed in 2023 with an interim dividend of 0.4p per share for the six months ended 30 June 2023. The Board is proposing a final dividend of 0.8p per share. b) Liquidity and funding risk Ultimate responsibility for liquidity and funding risk rests with the Board, which has put in place a monitoring and reporting framework to manage funding requirements. Liquidity risk is managed by monitoring actual and forecast short and medium-term cash flows and the maturity profile of financial assets and liabilities and by maintaining adequate cash reserves and bank facilities. The nature and timing of the contract cash flows, together with the change in business mix, is causing the cash balances to reflect minimal variances between the average month-end and week-end balances during the year. The average month-end net cash balance during the year was \u00a3141.4m (2022: \u00a3101.9m) and the average week-end net cash balance during the year was \u00a3141.0m (2022: \u00a394.5m). Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and other bonds. Consequently, the Group is reliant on its ability to source bank and surety bonds. It has facilities in place to provide these bonds and monitors the usage and regularly updates the forecast usage of these facilities. At 31 December 2023, the Group had banking and bonding facilities, including a \u00a385.0m Revolving Credit Facility, extending to 24 September 2026 (2022: \u00a3125.0m Revolving Credit Facility, extending to 24 September 2024). The unsecured facilities have financial covenants based on interest cover and leverage measured quarterly and liquidity measured monthly. The covenants are based on accounting standards already in force at the date of signing the facilities and any subsequent agreements. The Group complied with all covenants in 2023. The unsecured bonding facilities are set out below:
Group and Company
2023 2022
\u00a3m \u00a3m
Expiring between one and five years
270.0
280.0
Element of above facilities available for borrowings
\u2013
\u2013
At 31 December 2023, the utilisation of these bonding facilities amounted to \u00a369.8m (2022: \u00a388.8m). c) Credit risk The Group focuses on major Tier 1 private sector and large public sector customers. In respect of contracts with customers, the Group uses an external credit scoring system to assess a potential customer\u2019s credit quality and considers the timing and amounts of progress payments and will enter into a contract only if these assessments are satisfactory. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Group 1 comprises major Tier 1 private sector and large public sector customers. Group 2 includes smaller customers and receivables arising from various additional services undertaken as requirements of some of the maintenance contracts. Revenue of \u00a31,322.2m (2022: \u00a31,412.1m) was attributable to Group 1 customers and \u00a39.8m (2022: \u00a39.3m) attributable to Group 2 customers. The contract assets relate to unbilled work in progress and have substantially the same credit risk characteristics as the trade receivables for the same types of contracts. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that might affect the ability of the customers to settle the receivables. On this basis, the loss allowance as at 31 December 2023 and 31 December 2022 was determined as follows for both trade receivables and contract assets:
Less than 60 to 120 days More than 120 days
Current 60 days past due past due
past due
Total
31 December 2023
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
78.5
11.9
1.7
0.2
92.3
Contract assets
13.8
6.4
2.0
4.7
26.9
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.1
\u2013
\u2013
0.1
0.2
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2022
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
94.3
2.1
0.7
0.2
97.3
Contract assets
34.0
15.2
1.3
0.2
50.8
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.7
0.2
\u2013
0.1
1.0
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment losses on trade receivables and contract assets are included within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. The total provision for impairment of trade and other receivables is \u00a30.3m (2022: \u00a30.3m). The credit risk in contract assets is not material. Deposits in the UK are placed with the bank facility providers or, in joint operations, with banks agreed by the partners, provided that the bank has a long-term credit rating above BBB-. Transactions involving derivative financial instruments are with bank or insurance company counterparties with high credit ratings that are monitored regularly and with whom there are signed netting agreements. Given the high credit ratings of the banks and insurance companies used, management does not expect any counterparty will fail to meet its obligations. At the year-end date, excluding UK Government bodies, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amounts of each financial asset, including derivative financial instruments, and the individual constituents of contract assets in the statement of financial position. d) Interest rate risk The Group has cash balances and bank facilities in the UK, mostly denominated in pounds sterling. The Group repaid the Term Loan during 2022 and therefore, at the 2023 year-end, interest rate risk is negligible. e) Foreign currency risk Transactional currency exposures arise from sales or purchases by operating companies in currencies other than their functional currency. The current strategy is to hedge both committed and forecast foreign currency exposures, where applicable, and where the transaction timing and amount can be determined reliably and no natural hedge exists. The Group only enters into forward contracts when a contractual commitment exists in respect of the foreign currency transaction and the Group\u2019s policy is to negotiate the terms of the hedge derivative to match the terms of the hedged item to maximise hedge effectiveness. The Group\u2019s treasury function evaluates and hedges foreign currency risks, in close cooperation with the responsible operational management team. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "a) Capital management The objective of the Group\u2019s strategy is to deliver long-term sustainable value to shareholders while maintaining a balanced approach to investment in the business, a strong balance sheet and returns to shareholders. Costain is targeting a dividend cover of around three times adjusted earnings, taking into account the cash flow generated in the period, and the potential impact of the \u2018dividend parity\u2019 arrangement relating to the defined benefit pension scheme. Dividend payments were resumed in 2023 with an interim dividend of 0.4p per share for the six months ended 30 June 2023. The Board is proposing a final dividend of 0.8p per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "b) Liquidity and funding risk Ultimate responsibility for liquidity and funding risk rests with the Board, which has put in place a monitoring and reporting framework to manage funding requirements. Liquidity risk is managed by monitoring actual and forecast short and medium-term cash flows and the maturity profile of financial assets and liabilities and by maintaining adequate cash reserves and bank facilities. The nature and timing of the contract cash flows, together with the change in business mix, is causing the cash balances to reflect minimal variances between the average month-end and week-end balances during the year. The average month-end net cash balance during the year was \u00a3141.4m (2022: \u00a3101.9m) and the average week-end net cash balance during the year was \u00a3141.0m (2022: \u00a394.5m). Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and other bonds. Consequently, the Group is reliant on its ability to source bank and surety bonds. It has facilities in place to provide these bonds and monitors the usage and regularly updates the forecast usage of these facilities. At 31 December 2023, the Group had banking and bonding facilities, including a \u00a385.0m Revolving Credit Facility, extending to 24 September 2026 (2022: \u00a3125.0m Revolving Credit Facility, extending to 24 September 2024). The unsecured facilities have financial covenants based on interest cover and leverage measured quarterly and liquidity measured monthly. The covenants are based on accounting standards already in force at the date of signing the facilities and any subsequent agreements. The Group complied with all covenants in 2023. The unsecured bonding facilities are set out below:
Group and Company
2023 2022
\u00a3m \u00a3m
Expiring between one and five years
270.0
280.0
Element of above facilities available for borrowings
\u2013
\u2013
At 31 December 2023, the utilisation of these bonding facilities amounted to \u00a369.8m (2022: \u00a388.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "c) Credit risk The Group focuses on major Tier 1 private sector and large public sector customers. In respect of contracts with customers, the Group uses an external credit scoring system to assess a potential customer\u2019s credit quality and considers the timing and amounts of progress payments and will enter into a contract only if these assessments are satisfactory. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Group 1 comprises major Tier 1 private sector and large public sector customers. Group 2 includes smaller customers and receivables arising from various additional services undertaken as requirements of some of the maintenance contracts. Revenue of \u00a31,322.2m (2022: \u00a31,412.1m) was attributable to Group 1 customers and \u00a39.8m (2022: \u00a39.3m) attributable to Group 2 customers. The contract assets relate to unbilled work in progress and have substantially the same credit risk characteristics as the trade receivables for the same types of contracts. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that might affect the ability of the customers to settle the receivables. On this basis, the loss allowance as at 31 December 2023 and 31 December 2022 was determined as follows for both trade receivables and contract assets:
Less than 60 to 120 days More than 120 days
Current 60 days past due past due
past due
Total
31 December 2023
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
78.5
11.9
1.7
0.2
92.3
Contract assets
13.8
6.4
2.0
4.7
26.9
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.1
\u2013
\u2013
0.1
0.2
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2022
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
94.3
2.1
0.7
0.2
97.3
Contract assets
34.0
15.2
1.3
0.2
50.8
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.7
0.2
\u2013
0.1
1.0
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment losses on trade receivables and contract assets are included within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. The total provision for impairment of trade and other receivables is \u00a30.3m (2022: \u00a30.3m). The credit risk in contract assets is not material. Deposits in the UK are placed with the bank facility providers or, in joint operations, with banks agreed by the partners, provided that the bank has a long-term credit rating above BBB-. Transactions involving derivative financial instruments are with bank or insurance company counterparties with high credit ratings that are monitored regularly and with whom there are signed netting agreements. Given the high credit ratings of the banks and insurance companies used, management does not expect any counterparty will fail to meet its obligations. At the year-end date, excluding UK Government bodies, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amounts of each financial asset, including derivative financial instruments, and the individual constituents of contract assets in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "c) Credit risk The Group focuses on major Tier 1 private sector and large public sector customers. In respect of contracts with customers, the Group uses an external credit scoring system to assess a potential customer\u2019s credit quality and considers the timing and amounts of progress payments and will enter into a contract only if these assessments are satisfactory. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Group 1 comprises major Tier 1 private sector and large public sector customers. Group 2 includes smaller customers and receivables arising from various additional services undertaken as requirements of some of the maintenance contracts. Revenue of \u00a31,322.2m (2022: \u00a31,412.1m) was attributable to Group 1 customers and \u00a39.8m (2022: \u00a39.3m) attributable to Group 2 customers. The contract assets relate to unbilled work in progress and have substantially the same credit risk characteristics as the trade receivables for the same types of contracts. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that might affect the ability of the customers to settle the receivables. On this basis, the loss allowance as at 31 December 2023 and 31 December 2022 was determined as follows for both trade receivables and contract assets:
Less than 60 to 120 days More than 120 days
Current 60 days past due past due
past due
Total
31 December 2023
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
78.5
11.9
1.7
0.2
92.3
Contract assets
13.8
6.4
2.0
4.7
26.9
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.1
\u2013
\u2013
0.1
0.2
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2022
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
94.3
2.1
0.7
0.2
97.3
Contract assets
34.0
15.2
1.3
0.2
50.8
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.7
0.2
\u2013
0.1
1.0
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment losses on trade receivables and contract assets are included within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. The total provision for impairment of trade and other receivables is \u00a30.3m (2022: \u00a30.3m). The credit risk in contract assets is not material. Deposits in the UK are placed with the bank facility providers or, in joint operations, with banks agreed by the partners, provided that the bank has a long-term credit rating above BBB-. Transactions involving derivative financial instruments are with bank or insurance company counterparties with high credit ratings that are monitored regularly and with whom there are signed netting agreements. Given the high credit ratings of the banks and insurance companies used, management does not expect any counterparty will fail to meet its obligations. At the year-end date, excluding UK Government bodies, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amounts of each financial asset, including derivative financial instruments, and the individual constituents of contract assets in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "b) Currency and maturity of financial liabilities Financial liabilities not measured at fair value
2023
2022
Between
Between Within one and
Within one and Total (as one year (as five years (as
Total one year five years restated)* restated)* restated)*
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities \u2013 pounds sterling
24.3
10.3
14.0
29.5
11.0
18.5
Trade and other payables \u2013 pounds sterling
104.8
102.6
2.2
140.6
139.5
1.1
Total financial liabilities not measured at fair value
129.1
112.9
16.2
170.1
150.5
19.6
The Group has not disclosed the fair values for short-term trade and other payables and bank loans within financial liabilities, because their carrying amounts are a reasonable approximation of fair values. Lease liabilities are carried at the present value of the minimum lease payments. The expected undiscounted lease payments on long- term and high value leased assets included in the IFRS 16 discounted liability are within one year \u00a313.0m (2022: \u00a312.5m as restated*), two to five years \u00a323.5m (2022: \u00a326.8m as restated*) and over five years \u00a34.2m (2022:\u00a34.6m as restated*). There are no financial liabilities carried at fair value. The Company has issued financial guarantees relating to performance of contracts signed by its subsidiaries, which could be called upon on demand if the subsidiary fails to perform under the contract. However, the value of these guarantees is difficult to quantify, and they have never been called. * See note 26 for more information on restatement. c) Reconciliation of trade and other receivables and trade and other payables to the statement of financial position
2023
2022
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables (as above)
110.1
5.9
114.7
7.5
Contract assets
26.9
\u2013
50.8
\u2013
Prepayments and accrued income
23.1
\u2013
31.3
\u2013
160.1
5.9
196.8
7.5
2023
2022
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (as above)
102.6
2.2
139.5
1.1
Contract liabilities
5.1
\u2013
1.4
\u2013
Accruals and deferred income
100.1
\u2013
91.6
\u2013
207. 8
2.2
232.5
1.1
d) Effective interest rates of financial assets and liabilities
2023
2022
Financial assets
Cash and cash equivalents
0.00% to 5.15%
0.00% to 3.40%
Financial liabilities The Group has a \u00a385.0m (2022: \u00a3125.0m) Revolving Credit Facility (RCF) of which \u00a3nil (2022: \u00a3nil) was drawn at the year-end. The RCF is unsecured and carries interest at floating rate at a margin over SONIA. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "d) Interest rate risk The Group has cash balances and bank facilities in the UK, mostly denominated in pounds sterling. The Group repaid the Term Loan during 2022 and therefore, at the 2023 year-end, interest rate risk is negligible. e) Foreign currency risk Transactional currency exposures arise from sales or purchases by operating companies in currencies other than their functional currency. The current strategy is to hedge both committed and forecast foreign currency exposures, where applicable, and where the transaction timing and amount can be determined reliably and no natural hedge exists. The Group only enters into forward contracts when a contractual commitment exists in respect of the foreign currency transaction and the Group\u2019s policy is to negotiate the terms of the hedge derivative to match the terms of the hedged item to maximise hedge effectiveness. The Group\u2019s treasury function evaluates and hedges foreign currency risks, in close cooperation with the responsible operational management team. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "Financial assets and liabilities The Group has grouped its financial instruments into \u2018classes\u2019. Although IFRS 7 does not define \u2018classes\u2019, as a minimum instruments measured at amortised cost should be distinguished from instruments measured at fair value. a) Currency and maturity of financial assets Financial assets not measured at fair value
2023
2022
Between Between
Within one and After five Within one and After five
Total one year five years years Total one year five years years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
pounds sterling
163.9
163.9
\u2013
\u2013
123.2
123.2
\u2013
\u2013
other
0.5
0.5
\u2013
\u2013
0.6
0.6
\u2013
\u2013
164.4
164.4
\u2013
\u2013
123.8
123.8
\u2013
\u2013
Trade, other receivables and amounts owed
by joint ventures and associates:
pounds sterling
103.3
99.1
4.2
\u2013
108.8
105.3
3.5
\u2013
Insurance recovery asset:
pounds sterling
12.7
11.0
1.7
\u2013
13.4
9.4
4.0
\u2013
116.0
110.1
5.9
\u2013
122.2
114.7
7.5
\u2013
Total financial assets
not measured at fair value
280.4
274.5
5.9
\u2013
246.0
238.5
7.5
\u2013
The Group has not disclosed the fair values for short-term trade receivables and amounts due from joint ventures and associates within financial assets, because their carrying amounts are a reasonable approximation of fair values. Financial assets measured at fair value The Group measures its currency forwards at fair value (see above) but does not have any other financial assets measured at fair value. c) Reconciliation of trade and other receivables and trade and other payables to the statement of financial position
2023
2022
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables (as above)
110.1
5.9
114.7
7.5
Contract assets
26.9
\u2013
50.8
\u2013
Prepayments and accrued income
23.1
\u2013
31.3
\u2013
160.1
5.9
196.8
7.5
2023
2022
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (as above)
102.6
2.2
139.5
1.1
Contract liabilities
5.1
\u2013
1.4
\u2013
Accruals and deferred income
100.1
\u2013
91.6
\u2013
207. 8
2.2
232.5
1.1
d) Effective interest rates of financial assets and liabilities
2023
2022
Financial assets
Cash and cash equivalents
0.00% to 5.15%
0.00% to 3.40%
Financial liabilities The Group has a \u00a385.0m (2022: \u00a3125.0m) Revolving Credit Facility (RCF) of which \u00a3nil (2022: \u00a3nil) was drawn at the year-end. The RCF is unsecured and carries interest at floating rate at a margin over SONIA. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "
20 Provisions for other liabilities and charges
Rectification Onerous
provision contract Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Current
At 1 January 2022
6.2
43.4
0.7
50.3
Provided
7.1
\u2013
0.6
7.7
Utilised
(4.8)
(43.4)
(0.4)
(48.6)
At 31 December 2022
8.5
\u2013
0.9
9.4
At 1 January 2023
8.5
\u2013
0.9
9.4
Provided
2.2
\u2013
2.3
4.5
Utilised
(2.8)
\u2013
(0.1)
(2.9)
Released
\u2013
\u2013
(0.4)
(0.4)
Reclassified from non-current
3.7
\u2013
\u2013
3.7
At 31 December 2023
11.6
\u2013
2.7
14.3
Non-current
At 1 January 2022
\u2013
\u2013
\u2013
\u2013
Provided
3.7
\u2013
\u2013
3.7
At 31 December 2022
3.7
\u2013
\u2013
3.7
At 1 January 2023
3.7
\u2013
\u2013
3.7
Reclassified to current
(3.7)
\u2013
\u2013
(3.7)
At 31 December 2023
\u2013
\u2013
\u2013
\u2013
Group Rectification provision: Contract in the water sector In 2021, Costain recognised a provision in respect of the estimated future costs of expected rectification works required at a customer\u2019s water treatment facility where the Group had been prime contractor. As at 31 December 2022, after working with designers, insurers and the customer, there was greater clarity as to the scope and cost of rectification work required and the Group\u2019s best estimate of the cost of the single most likely rectification solution at this time was \u00a317.0m. Costs of \u00a34.8m had been incurred at the end of 2022, and accordingly a provision of \u00a312.2m was included in the statement of financial position. During 2023, progress in design and procurement has enabled management to validate the assessed programme and the revised estimated total cost is \u00a319.3m. Costs of \u00a37.7m have been incurred to date and therefore the provision recognised in the statement of financial position and disclosed in the table at 31 December 2023 is \u00a311.6m. The work is still expected to be concluded in 2024. As reported in 2022, Costain has engaged with its insurers and received confirmation that insurance cover is available and that all reasonable costs of rectification work that are validly incurred will be met by insurers. Consistent with this, insurers continued to make interim payments on account during 2023. Accordingly, an insurance receivable of \u00a312.7m is recognised in the statement of financial position in accordance with IAS 37 on the basis that recovery is considered virtually certain. There is a cap on insurance but the cap is significantly in excess of the cost estimate. As at 31 December 2022, \u00a313.4m had been recognised as an insurance receivable. Whilst the cost provision is management\u2019s best estimate based on the current level of design maturity, it is a reasonable assumption that as this design is finalised there may be variances to this estimate. It is therefore reasonably foreseeable that adjustments to the amounts recognised as a provision may be required. However, given the relationship between the insurance policy and the liability, management does not consider that any increase in the cost of the rectification works will result in a material impact to the Group\u2019s financial position. Further information on estimates and judgements made in relation to this provision are given in note 2. Other provisions, mainly comprise provisions for remedial and legal costs, most of which are expected to be utilised over the next year. 23 Contingent liabilities Group Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the Company and participating companies in the Group. There are contingent liabilities in respect of: \u2022 performance bonds and other undertakings entered into in the ordinary course of business; and \u2022 legal claims arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided. Company The Company has guaranteed the obligations of the subsidiary companies that are participating employers of The Costain Pension Scheme, the defined benefit pension scheme in the UK. At 31 December 2023, the asset was \u00a353.5m (2022: asset of \u00a360.2m) on an IAS 19 basis and is included in these financial statements as disclosed in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "20 Provisions for other liabilities and charges Rectification Onerous provision contract Other Total Group \u00a3m \u00a3m \u00a3m \u00a3m Current At 1 January 2022 6.2 43.4 0.7 50.3 Provided 7.1 \u2013 0.6 7.7 Utilised (4.8) (43.4) (0.4) (48.6) At 31 December 2022 8.5 \u2013 0.9 9.4 At 1 January 2023 8.5 \u2013 0.9 9.4 Provided 2.2 \u2013 2.3 4.5 Utilised (2.8) \u2013 (0.1) (2.9) Released \u2013 \u2013 (0.4) (0.4) Reclassified from non-current 3.7 \u2013 \u2013 3.7 At 31 December 2023 11.6 \u2013 2.7 14.3 Non-current At 1 January 2022 \u2013 \u2013 \u2013 \u2013 Provided 3.7 \u2013 \u2013 3.7 At 31 December 2022 3.7 \u2013 \u2013 3.7 At 1 January 2023 3.7 \u2013 \u2013 3.7 Reclassified to current (3.7) \u2013 \u2013 (3.7) At 31 December 2023 Group Rectification provision: Contract in the water sector In 2021, Costain recognised a provision in respect of the estimated future costs of expected rectification works required at a customer\u2019s water treatment facility where the Group had been prime contractor. As at 31 December 2022, after working with designers, insurers and the customer, there was greater clarity as to the scope and cost of rectification work required and the Group\u2019s best estimate of the cost of the single most likely rectification solution at this time was \u00a317.0m. Costs of \u00a34.8m had been incurred at the end of 2022, and accordingly a provision of \u00a312.2m was included in the statement of financial position. During 2023, progress in design and procurement has enabled management to validate the assessed programme and the revised estimated total cost is \u00a319.3m. Costs of \u00a37.7m have been incurred to date and therefore the provision recognised in the statement of financial position and disclosed in the table at 31 December 2023 is \u00a311.6m. The work is still expected to be concluded in 2024. As reported in 2022, Costain has engaged with its insurers and received confirmation that insurance cover is available and that all reasonable costs of rectification work that are validly incurred will be met by insurers. Consistent with this, insurers continued to make interim payments on account during 2023. Accordingly, an insurance receivable of \u00a312.7m is recognised in the statement of financial position in accordance with IAS 37 on the basis that recovery is considered virtually certain. There is a cap on insurance but the cap is significantly in excess of the cost estimate. As at 31 December 2022, \u00a313.4m had been recognised as an insurance receivable. Whilst the cost provision is management\u2019s best estimate based on the current level of design maturity, it is a reasonable assumption that as this design is finalised there may be variances to this estimate. It is therefore reasonably foreseeable that adjustments to the amounts recognised as a provision may be required. However, given the relationship between the insurance policy and the liability, management does not consider that any increase in the cost of the rectification works will result in a material impact to the Group\u2019s financial position. Further information on estimates and judgements made in relation to this provision are given in note 2. Other provisions, mainly comprise provisions for remedial and legal costs, most of which are expected to be utilised over the next year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "Measurement of fair value Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 2 fair values, as well as the significant unobservable inputs used. There are no financial instruments whose fair value could be determined under Level 1 or 3. Financial instruments not measured at fair value
Type
Valuation technique
Significant unobservable inputs
Other financial liabilities (as above)
Discounted cash flow
Not applicable
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "Measurement of fair value Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 2 fair values, as well as the significant unobservable inputs used. There are no financial instruments whose fair value could be determined under Level 1 or 3. Financial instruments not measured at fair value
Type
Valuation technique
Significant unobservable inputs
Other financial liabilities (as above)
Discounted cash flow
Not applicable
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "
19 Trade and other payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
Trade payables
69.3
97.5
\u2013
\u2013
Other payables
24.1
33.4
0.1
0.1
Social security
8.6
7.9
\u2013
\u2013
Contract liabilities
5.1
1.4
\u2013
\u2013
Accruals and deferred income
100.1
91.6
0.5
0.9
Amounts owed to joint ventures and associates
0.6
0.7
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
40.2
26.4
207.8
232.5
40.8
27.4
Non-current liabilities
Other payables
2.2
1.1
\u2013
\u2013
2.2
1.1
\u2013
\u2013
Accruals and deferred income include subcontract liabilities (not yet payable), subcontract retentions and other accruals and
deferred income.
The amounts included in contract liabilities and in deferred income at 31 December 2022 have all been recognised in the income
statement in the year.
Other payables primarily includes the VAT liability.
The directors consider that the carrying amount of trade payables, other payables, social security and amounts owed to joint ventures
and associates approximates to their fair value.
Financial risk management policies are in place that seek to ensure that all payables are paid within their credit timeframes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "19 Trade and other payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
Trade payables
69.3
97.5
\u2013
\u2013
Other payables
24.1
33.4
0.1
0.1
Social security
8.6
7.9
\u2013
\u2013
Contract liabilities
5.1
1.4
\u2013
\u2013
Accruals and deferred income
100.1
91.6
0.5
0.9
Amounts owed to joint ventures and associates
0.6
0.7
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
40.2
26.4
207.8
232.5
40.8
27.4
Non-current liabilities
Other payables
2.2
1.1
\u2013
\u2013
2.2
1.1
\u2013
\u2013
Accruals and deferred income include subcontract liabilities (not yet payable), subcontract retentions and other accruals and deferred income. The amounts included in contract liabilities and in deferred income at 31 December 2022 have all been recognised in the income statement in the year. Other payables primarily includes the VAT liability. The directors consider that the carrying amount of trade payables, other payables, social security and amounts owed to joint ventures and associates approximates to their fair value. Financial risk management policies are in place that seek to ensure that all payables are paid within their credit timeframes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "Accruals and deferred income include subcontract liabilities (not yet payable), subcontract retentions and other accruals and deferred income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "Defined benefit scheme The defined benefit scheme was closed to new members on 31 May 2005 and from 1 April 2006, future benefits were calculated on a Career Average Revalued Earnings basis. The scheme was closed to future accrual of benefits to members on 30 September 2009. A full actuarial valuation of the scheme was carried out as at 31 March 2022 and this was updated to 31 December 2023 by a qualified independent actuary. At 31 December 2023, there were 2,885 retirees and 2,412 deferred members (2022: 2,867 retirees and 2,529 deferred members). The weighted average duration of the obligations is 11.9 years (2022: 11.9 years).
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Present value of defined benefit obligations
(542.6)
(527.1)
(837. 5)
Fair value of scheme assets
596.1
587.3
904.6
Recognised asset for defined benefit obligations
53.5
60.2
67.1
2023 2022
Movements in present value of defined benefit obligations \u00a3m \u00a3m
At 1 January
527.1
837.5
Interest cost
25.5
14.8
Remeasurements \u2013 demographic assumptions
(1.0)
(0.3)
Remeasurements \u2013 financial assumptions
14.8
(321.4)
Remeasurements \u2013 experience adjustments
10.5
29.7
Benefits paid
(34.3)
(33.2)
At 31 December
542.6
527.1
2023 2022
Movements in fair value of scheme assets \u00a3m \u00a3m
At 1 January
587.3
904.6
Interest income
28.7
16.1
Remeasurements \u2013 return on assets
6.5
(310.7)
Contributions by employer
8.1
10.8
Administrative expenses
(0.2)
(0.3)
Benefits paid
(34.3)
(33.2)
At 31 December
596.1
587.3
2023 2022
Expense recognised in the income statement \u00a3m \u00a3m
Administrative expenses paid by the pension scheme
(0.2)
(0.3)
Administrative expenses paid directly by the Group
(1.8)
(1.2)
Interest income on the net assets of the defined benefit pension scheme
3.2
1.3
1.2
(0.2)
2023 2022
Fair value of scheme assets \u00a3m \u00a3m
Global equities
99.5
109.8
Multi-asset growth funds
65.9
56.1
Multi-credit fund
96.6
110.9
LDI plus collateral
323.8
307. 2
Cash
10.3
3.3
596.1
587.3
All equities are quoted securities. The multi-asset growth funds comprise portfolios of quoted and unquoted investments. The multi-credit fund invests in a portfolio of primarily floating rate debt of non-investment grade or unrated borrowers. The Liability Driven Investments (LDI) portfolio comprises gilts, repurchase agreements and swaps and is supported by a liquid absolute return fund providing collateral. Quoted equities are valued at the prevailing bid, offer or middle market stock exchange or over-the-counter market prices. In the multi-asset growth funds, the fair values of the underlying unquoted assets are determined by the fund managers using quoted prices for similar assets or other valuation techniques where all the inputs are directly observable or indirectly observable from market data. The loans in the multi-credit fund may be priced either using quotes from a pricing vendor (if available), a broker or at a level determined by the investment manager that is agreed with the fund. The LDI fund is valued using a unit price calculated for the fund based on the net asset value of the underlying assets. The pension scheme does not have any assets invested in the Group\u2019s financial instruments or in property or other assets used by the Group.
There is still further uncertainty with a Court of Appeal hearing for the case set for June 2024 as well as the potential for overriding
government legislation to be introduced. As a result the Company and the Trustee of the Costain Pension Scheme cannot at this stage
be certain of the potential implications (if any). The Company and the Trustee of the Costain Pension Scheme will continue to seek legal
advice on the matter and act accordingly as the situation evolves.
2023 2022 2021
Principal actuarial assumptions (expressed as weighted averages) % % %
Discount rate
4.75
5.00
1.80
Future pension increases
2.90
2.90
3.25
Inflation assumption
3.05
3.10
3.40
Weighted average life expectancies from age 65, as per mortality tables, used to determine benefits at 31 December 2023 and 31 December 2022 are:
2023
2022
Male Female Male Female
(years) (years) (years) (years)
Currently aged 65
22.0
23.8
21.9
23.9
Non-retirees currently aged 45
22.9
25.1
22.9
25.1
The discount rate, inflation and pension increase and mortality assumptions have a significant effect on the amounts reported. Changes in these assumptions would have the following effects on the defined benefit scheme:
Pension liability Pension cost
\u00a3m \u00a3m
Increasing the discount rate by 0.25%, decreases pension liability
and increases pension income/reduces pension cost by
Decreasing inflation by 0.25% (which reduces pension increases), decreases
15.8
0.8
pension liability and increases pension income/reduces pension cost by
Increasing life expectancy by one year, increases pension liability
14.0
0.7
and reduces pension income/increases pension cost by
19.2
0.9
As highlighted in the table above, the defined benefit scheme exposes the Group to actuarial risks such as longevity, interest rate, inflation and investment risks. The LDI portfolio is designed to respond to changes in gilt yields in a similar way to a fixed proportion of the liabilities. With the LDI portfolio, if gilt yields fall, the value of the investments will rise to help partially match the increase in the trustee valuation of the liabilities arising from a fall in the gilt yield-based discount rate. Similarly, if gilt yields rise, the value of the matching asset portfolio will fall, as will the valuation of the liabilities because of an increase in the discount rate. The leverage within the LDI portfolio means the equivalent of 95% of the value of the assets is sensitive to changes in interest rates and inflation and this mitigates the equivalent movement in the liabilities of the scheme as a whole. In 2022, long-term government bond yields increased significantly which meant that the value of the LDI portfolio fell but the value of the liabilities also fell by a similar amount. In accordance with the pension regulations, a triennial actuarial review of the Costain defined benefit pension scheme was carried out as at 31 March 2022. In June 2023, the valuation and updated deficit recovery plan were agreed with the Scheme Trustee resulting in cash contributions of \u00a33.3m for each year commencing 1 July 2023 (increasing annually with inflation) until the deficit is cleared, which would be in 2027, on the basis of the assumptions made in the 2022 valuation and agreed recovery plan. This replaces the previous contribution plan to the Scheme, which from April 2023 had increased to an annual payment of \u00a311.98m paid in monthly instalments. In addition, as previously implemented, the Group will continue to make an additional contribution so that the total deficit contributions match the total dividend amount paid by the Company each year. Any additional payments in this regard would have the effect of reducing the recovery period in the agreed plan. The Group will also pay the expenses of administration in the next financial year. Any surplus of deficit contributions to the Costain Pension Scheme would be recoverable by way of a refund, as the Group has the unconditional right to any surplus once all the obligations of the Scheme have been settled. Accordingly, the Group does not expect to have to make provision for these additional contributions arising from this agreement in future financial statements. In June 2023, the High Court judged in the Virgin Media vs NTL Pension Trustee case that certain amendments made to the NTL Pension Plan were invalid because the scheme\u2019s actuary had not provided the necessary confirmations (Section 37 Certificates). If upheld, the High Court\u2019s decision could have wider ranging implications, affecting other schemes (such as the Costain Pension Scheme) that were contracted-out on a salary-related basis, and made amendments between April 1997 and April 2016. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "
Defined contribution schemes
Two defined contribution pensions schemes are operated. The total expense relating to these plans was \u00a312.6m (2022: \u00a311.7m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "
Share-based payments
The Company operates a number of share-based payment plans as described below.
Long-Term Incentive Plan (LTIP)
Shareholders approved Long-Term Incentive Plans at the 2014 and 2023 AGMs that allow for conditional awards with a maximum face
value of up to 150% of base salary to be awarded. The maximum Costain has applied is 100% of base salary. Performance conditions,
such as those based on earnings per share and Total Shareholder Return (TSR), are determined by the Remuneration Committee of the
Board at the time of grant.
Annual Incentive Plan (AIP)
Executive directors and other senior management are eligible to participate in the Company\u2019s Annual Incentive Plan, under which one
third of the award is deferred into shares. The total AIP award of up to 150% of base salary has performance conditions based on Group
adjusted operating profit and other measures. Financial metrics will comprise at least 50% of AIP opportunity. The share award element
vests on the second anniversary of the date of grant and will be satisfied by shares purchased by a trust on behalf of the Group. It will not
lead to any dilution of shareholder interest. Participants must be in employment with the Company and not under notice of termination
(either given or received) on the date of grant.
Save As You Earn Scheme (SAYE)
The Company operates a SAYE scheme that is open to all eligible employees who pay a fixed amount from salary into a savings account
each month and elect to save over three years. At the end of the savings period, employees have six months in which to exercise their
options using the funds saved together with any interest or bonus (after which the options expire). If employees decide not to exercise
their options, they may withdraw the funds saved. Exercise of options is subject to continued employment within the Group (except
where permitted by the rules of the scheme).
Share-based payment expense
The amount recognised in the income statement, before tax, for share-based payment transactions with employees was \u00a32.2m
(2022: \u00a31.1m); the entire charge relates to subsidiaries.
Options outstanding at the end of the year The movements in the outstanding LTIPs (nil-cost option) and AIP (nil-cost option), which provide for the grant of shares to executive directors and senior management, and the outstanding SAYE schemes, are shown below:
LTIP
AIP
SAYE
Weighted average
Number Number Number exercise price
(m) (m) (m) (p)
Outstanding at 1 January 2022
5.5
0.2
1.3
191.9
Forfeited during the year
(2.3)
\u2013
(0.5)
278.7
Exercised during the year
\u2013
(0.1)
\u2013
\u2013
Granted during the year
9.3
2.2
\u2013
\u2013
Outstanding at 31 December 2022
12.5
2.3
0.8
118.4
Outstanding at 1 January 2023
12.5
2.3
0.8
118.4
Forfeited during the year
(2.0)
(0.4)
(0.8)
113.8
Exercised during the year
(0.6)
\u2013
\u2013
\u2013
Granted during the year
3.7
1.5
4.9
50.0
Outstanding at 31 December 2023
13.6
3.4
4.9
50.0
Exercisable at the end of the period
1.0
1.0
\u2013
\u2013
Share options outstanding at the end of the year had a weighted average remaining contractual life of 4.9 years (2022: 4.6 years). The fair value of options granted is calculated using the Black-Scholes option pricing model. The aggregate fair value of options granted during the year was \u00a34.8m (2022: \u00a33.6m). The assumptions used in valuing the grants were:
2023
2022
Expected volatility
46.0%
20.0%
Expected life (years)
3.5
3.0
Risk-free interest rate
3.2%
1.2%
Expected dividend yield
2.3%
0.0%
The expected volatility is based on the historical share price volatility over a term matching the expected life. The expected life is based on management\u2019s best estimate having regard to the effect of non-transferability, exercise restrictions and behavioural considerations.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "
22 Share capital
2023
2022
Number Nominal value Number Nominal value
(millions) \u00a3m (millions) \u00a3m
Issued share capital
Shares in issue at beginning of year \u2013
ordinary shares of 50p each, fully paid
275.1
137. 5
275.0
137.5
Issued in year (see below)
1.6
0.8
0.1
\u2013
Shares in issue at end of year \u2013
ordinary shares of 50p each, fully paid
276.7
138.3
275.1
137.5
The Company\u2019s issued share capital comprised 276,718,885 ordinary shares of 50 pence each as at 31 December 2023 (2022:
275,084,741 ordinary shares).
All shares rank pari passu regarding entitlement to capital and dividends.
In the year, dividend payments resumed. A total of 34,144 shares were issued under the Scrip Dividend Scheme during 2023.
No options were exercised under the SAYE schemes in the year as all options were \u2018underwater\u2019 so the Company issued nil shares in
respect of SAYE. The 2020 LTIP vested in the year and 1,600,000 shares were issued in April 2023 to satisfy this vesting.
The share options outstanding at the year-end are detailed in note 21. Details of the performance conditions and the options granted to
executive directors are given in the Directors\u2019 Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "
23 Contingent liabilities
Group
Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the Company and
participating companies in the Group.
There are contingent liabilities in respect of:
\u2022 performance bonds and other undertakings entered into in the ordinary course of business; and
\u2022 legal claims arising in the ordinary course of business.
It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided.
Company
The Company has guaranteed the obligations of the subsidiary companies that are participating employers of The Costain Pension
Scheme, the defined benefit pension scheme in the UK. At 31 December 2023, the asset was \u00a353.5m (2022: asset of \u00a360.2m) on an IAS
19 basis and is included in these financial statements as disclosed in note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "
LTIP
AIP
SAYE
Weighted average
Number Number Number exercise price
(m) (m) (m) (p)
Outstanding at 1 January 2022
5.5
0.2
1.3
191.9
Forfeited during the year
(2.3)
\u2013
(0.5)
278.7
Exercised during the year
\u2013
(0.1)
\u2013
\u2013
Granted during the year
9.3
2.2
\u2013
\u2013
Outstanding at 31 December 2022
12.5
2.3
0.8
118.4
Outstanding at 1 January 2023
12.5
2.3
0.8
118.4
Forfeited during the year
(2.0)
(0.4)
(0.8)
113.8
Exercised during the year
(0.6)
\u2013
\u2013
\u2013
Granted during the year
3.7
1.5
4.9
50.0
Outstanding at 31 December 2023
13.6
3.4
4.9
50.0
Exercisable at the end of the period
1.0
1.0
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "Share options outstanding at the end of the year had a weighted average remaining contractual life of 4.9 years (2022: 4.6 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "24 Subsidiary undertakings, joint ventures, associates and joint operations
Registered office/
Percentage of principal place of
Activity equity held business
Principal subsidiary undertakings
Costain Limited
Engineering, Construction and Maintenance
100
(1)
Costain Engineering & Construction Limited
Holding and Service Company
100
(1)
Costain Integrated Services Limited
Professional Services
100
(1)
Costain Integrated Technology Solutions Limited
Technology Integration
100
(1)
Costain Oil, Gas & Process Limited
Process Engineering
100
(1)
Richard Costain Limited
Service Company
100
(1)
Issued share Registered
capital Percentage of office/principal
Activity \u00a3m equity held
place of business
Reporting date
Principal joint ventures
ABC Electrification Ltd
Rail Electrification
19.6
33.3
(7)
31 March
4Delivery Limited
Civil Engineering
\u2013
40
(3)
31 March
The equity capital of the above are held by subsidiary undertakings with the exception of Richard Costain Limited and Costain Engineering & Construction Limited. All undertakings operate mainly in the country of incorporation. See key to registered office/principal place of business at the bottom of this note. All holdings are of ordinary shares.
Percentage Country of
Activity interest business
Major joint operations
A-one+ Joint Venture \u2013 ASC area 12 \u2013 Highways England
Engineering and Maintenance
33.3
UK
CH2M-Costain Joint Venture \u2013 Area 14 M&R contract
Engineering and Maintenance
50
UK
Costain-Atkins-Black & Veatch Joint Venture \u2013 Thames Water AMP6
Engineering
70
UK
Costain-CH2M UK \u2013 ESCC JV \u2013 East Sussex highway maintenance
Engineering and Maintenance
50
UK
Costain-Galliford Try Joint Venture \u2013 M1 smart motorways
Civil Engineering
50
UK
Costain-MWH Joint Venture \u2013 Southern Water AMP6
Civil Engineering
50
UK
Costain-Skanska \u2013 HS2 Enabling works
Civil Engineering
50
UK
Costain-Skanska Joint Venture \u2013 A14 Cambridge to Huntingdon
Civil Engineering
50
UK
Improvement Scheme
Costain-Skanska Joint Venture \u2013 Balfour Beatty Joint Venture \u2013 A14
Civil Engineering
33.3
UK
CVB Joint Venture \u2013 Thames Tideway Tunnel East
Civil Engineering
40
UK
Galliford-Costain-Atkins Joint Venture \u2013 United Utilities
Engineering
42.5
UK
Skanska-Costain-Strabag S1 Joint Venture \u2013 HS2 Main Works
Rail Engineering
34
UK
Skanska-Costain-Strabag S2 Joint Venture \u2013 HS2 Main Works
Rail Engineering
34
UK
The ASP Batch Joint Venture \u2013 Severn Trent \u2013 Large capital schemes
Engineering
33.3
UK
outside AMP6
In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, associates, joint ventures and joint arrangements
is required:
Registered
Percentage of office/principal
Status equity held place of business
Other subsidiaries owned directly by Costain Group PLC
Costain Civil Engineering Limited
Holding Company
100
(1)
Costain Investments Limited
Dormant
100
(8)
Costain USA Inc.
Holding Company
100
(5)
County & District Properties Limited*
Trading
100
(1)
Renown Investments (Holdings) Limited*
Trading
100
(1)
Lysander Services Limited*
Trading
100
(1)
Other subsidiaries owned indirectly by Costain Group PLC
Brunswick Infrastructure Services Limited
Dormant
100
(1)
Calvert & Russell Limited*
Trading
100
(1)
CLM Engineering (Overseas) Limited
Dormant
100
(1)
COGAP (Middle East) Limited*
Holding Company
100
(1)
Construction Study Centre Limited*
Trading
100
(1)
Costain Alcaidesa Limited*
Holding Company
100
(1)
Costain America Inc.
Holding Company
100
(5)
Costain Building & Civil Engineering Limited*
Holding Company
100
(1)
Costain Construction Limited
Dormant
100
(1)
Costain de Venezuela CA
Dormant
100
(15)
Costain Energy Solutions Limited
Dormant
100
(1)
Costain Engineering & Construction (Overseas) Limited*
Holding Company
100
(1)
Costain Engineering Services Inc.
Dormant
100
(5)
Costain International Limited*
Dormant
100
(1)
Costain Management Design Limited
Dormant
100
(1)
Costain Minerals Inc.
Dormant
100
(5)
Costain Mining Services Inc.
Dormant
100
(5)
Costain Oil, Gas & Process (Nigeria) Limited
Dormant
95
(16)
Costain Oil, Gas & Process (Overseas) Limited
Dormant
100
(1)
Costain Process Construction Limited
Dormant
100
(1)
Costain Upstream Limited*
Trading
100
(2)
JBCC Rhead PTE Limited
Dormant
100
(12)
Promanex (Civils & Industrial Services) Limited
Dormant
100
(1)
Promanex (Construction & Maintenance Services) Limited
Dormant
100
(1)
Promanex (Total FM & Environmental Services) Limited*
Dormant
100
(1)
Sunland Mining Corporation (II)
Dormant
100
(5)
Westminster Plant Co. Limited
Dormant
100
(1)
* Denotes that the entity has taken the audit exemption under Section 479A of the Companies Act 2006 for the financial year ended 31 December 2023.
Costain-Skanska C336 Joint Venture \u2013 Paddington New Yard \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska C360 Joint Venture \u2013 Eleanor Street \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska C405 Joint Venture \u2013 Paddington \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska C411 Joint Venture \u2013 Bond Street \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska C412 Joint Venture \u2013 Bond Street \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska Joint Venture \u2013 A14 Ellington to Fen Ditton Civil Engineering 50 UK Costain-Skanska Joint Venture \u2013 Crossrail Civils Framework Enabling Works Civil Engineering 50 UK Costain-Skanska Joint Venture \u2013 NGT Tunnels, London Civil Engineering 52.6 UK Costain-Skanska Joint Venture \u2013 Paddington Station Bakerloo Line Link Project Civil Engineering 50 UK Costain-Taylor Woodrow Joint Venture \u2013 King\u2019s Cross re-development & Civil Engineering 50 UK Phase II Northern works Costain-Vinci Construction Joint Venture \u2013 Shieldhall Civil Engineering 50 UK Costain-Vinci Joint Venture \u2013 M4 corridor around Newport Civil Engineering 50 UK Costain-VWS Joint Venture \u2013 Mersey Valley Processing Centre Engineering 50 UK (Shell Green) Extension Project Stage 2 Educo UK Joint Venture \u2013 Bradford Schools Building 50 UK Lagan-Ferrovial-Costain \u2013 A8 Civil Engineering 45 UK The e5 Joint Alliance Severn Trent Framework Engineering 25 UK TSIF-ILW Joint Venture \u2013 Trawsfynydd nuclear power station decommissioning Civil Engineering 33.3 UK Key to registered office/principal place of business (1) Costain House, Vanwall Business Park, Maidenhead, Berkshire, SL6 4UB, England (2) 56 Carden Place, Aberdeen, AB10 1UP, Scotland (3) 210 Pentonville Road, London, N1 9JY, England (4) Booths Park, Chelford Road, Knutsford, WA16 8QZ, England (5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA (6) Whitehill House, Windmill Hill Business Park, Whitehill Way, Swindon, SN5 6PE, England (7) 8th Floor, The Place, High Holborn, London, WC1V 7AA, England (8) P.O.Box N-7768, Bank Lane, Nassau, Bahamas (9) Dormant company \u2013 Abu Dhabi, UAE, no record of address (10) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain (11) P.O.Box 6967, 21452, Jeddah, Saudi Arabia (12) Peninsula Plaza #27\u201301, 111 North Bridge Road, 179098, Singapore (13) Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico (14) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland (15) Dormant company \u2013 Venezuela, no record of address (16) Dormant company \u2013 Nigeria, no record of address
Registered
Percentage of office/principal
Status equity held place of business
Other joint ventures or associates owned indirectly by Costain Group PLC
ACM Health Solutions Limited
Dormant
33.3
(4)
Brighton & Hove 4Delivery Limited
Trading
49
(3)
Budimex & Costain SP ZO.O
Dormant
50
(14)
Costain Abu Dhabi Co WLL
Dormant
49
(9)
China Harbour-Costain Mexico S de RL de CV
Dormant
50
(13)
Gravitas Offshore Limited
Dissolved 4 April 2023
45
(6)
Jalal Costain WLL
Dormant
49
(10)
Nesma-Costain Process Co. Limited
Dormant
50
(11)
Costain Abu Dhabi Co WLL has previously been treated as a subsidiary undertaking due to Costain having power to influence and control the composition of the Board of directors and the beneficial right to all the net income. However, Costain considers that it no longer controls the Company which no longer trades. Dormant status means no or a very small number of transactions with activity winding down.
Percentage Country
Activity interest of business
Other joint operations, including completed
ACTUS Joint Venture \u2013 Trawsfynydd nuclear power station
Civil Engineering
25
UK
active waste retrieval
Alstom-Babcock-Costain Joint Venture \u2013 Edinburgh to
Glasgow Rail Improvement Programme
Rail Engineering
33.3
UK
Alstom-Costain C644 Joint Venture \u2013 Traction power \u2013 Crossrail
Rail Engineering
32.5
UK
Alstom-Costain C650 Joint Venture \u2013 HV power supply \u2013 Crossrail
Rail Engineering
32.5
UK
Amec-Costain-Jacobs Joint Venture \u2013 Magnox ILW Management
Civil Engineering
33.3
UK
Programme
A-one+ Integrated Highway Services \u2013 MAC 7
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 10
Engineering and Maintenance
25
UK
A-one+ Integrated Highway Services \u2013 MAC 12
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 14
Engineering and Maintenance
33.3
UK
A-one+ Joint Venture \u2013 ASC area 4 \u2013 Highways England
Engineering and Maintenance
33.3
UK
ATC Joint Venture \u2013 C610 \u2013 Crossrail
Rail Engineering
32.5
UK
ATC Joint Venture \u2013 C695 \u2013 Crossrail
Rail Engineering
32.5
UK
Balfour Beatty-BmJV-Carillion-Costain Joint Venture \u2013
Civil Engineering
29
UK
National Major Projects \u2013 Highways England
CosMott Joint Venture \u2013 Devonport Major Infrastructure
Consultancy
50
UK
Programme \u2013 Construction Delivery Partner
Costain Arup Joint Venture \u2013 Yorkshire Water
Consultancy
50
UK
Costain-Dalekovod Joint Venture \u2013 National Grid HV Overhead
Engineering
60
UK
Line System
Costain-Hochtief Joint Venture \u2013 Reading station
Civil Engineering
50
UK
Costain-Lafarge Joint Venture \u2013 East and South East Framework
Civil Engineering
50
UK
Costain-Lafarge Joint Venture \u2013 Midlands Framework
Civil Engineering
50
UK
Costain-Laing O\u2019Rourke Joint Venture \u2013 Bond Street station
Civil Engineering
50
UK
Costain-Laing O\u2019Rourke Joint Venture \u2013 Farringdon station
Civil Engineering
50
UK
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "
Percentage Country of
Activity interest business
Major joint operations
A-one+ Joint Venture \u2013 ASC area 12 \u2013 Highways England
Engineering and Maintenance
33.3
UK
CH2M-Costain Joint Venture \u2013 Area 14 M&R contract
Engineering and Maintenance
50
UK
Costain-Atkins-Black & Veatch Joint Venture \u2013 Thames Water AMP6
Engineering
70
UK
Costain-CH2M UK \u2013 ESCC JV \u2013 East Sussex highway maintenance
Engineering and Maintenance
50
UK
Costain-Galliford Try Joint Venture \u2013 M1 smart motorways
Civil Engineering
50
UK
Costain-MWH Joint Venture \u2013 Southern Water AMP6
Civil Engineering
50
UK
Costain-Skanska \u2013 HS2 Enabling works
Civil Engineering
50
UK
Costain-Skanska Joint Venture \u2013 A14 Cambridge to Huntingdon
Civil Engineering
50
UK
Improvement Scheme
Costain-Skanska Joint Venture \u2013 Balfour Beatty Joint Venture \u2013 A14
Civil Engineering
33.3
UK
CVB Joint Venture \u2013 Thames Tideway Tunnel East
Civil Engineering
40
UK
Galliford-Costain-Atkins Joint Venture \u2013 United Utilities
Engineering
42.5
UK
Skanska-Costain-Strabag S1 Joint Venture \u2013 HS2 Main Works
Rail Engineering
34
UK
Skanska-Costain-Strabag S2 Joint Venture \u2013 HS2 Main Works
Rail Engineering
34
UK
The ASP Batch Joint Venture \u2013 Severn Trent \u2013 Large capital schemes
Engineering
33.3
UK
outside AMP6
Costain-Skanska C336 Joint Venture \u2013 Paddington New Yard \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska C360 Joint Venture \u2013 Eleanor Street \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska C405 Joint Venture \u2013 Paddington \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska C411 Joint Venture \u2013 Bond Street \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska C412 Joint Venture \u2013 Bond Street \u2013 Crossrail Civil Engineering 50 UK Costain-Skanska Joint Venture \u2013 A14 Ellington to Fen Ditton Civil Engineering 50 UK Costain-Skanska Joint Venture \u2013 Crossrail Civils Framework Enabling Works Civil Engineering 50 UK Costain-Skanska Joint Venture \u2013 NGT Tunnels, London Civil Engineering 52.6 UK Costain-Skanska Joint Venture \u2013 Paddington Station Bakerloo Line Link Project Civil Engineering 50 UK Costain-Taylor Woodrow Joint Venture \u2013 King\u2019s Cross re-development & Civil Engineering 50 UK Phase II Northern works Costain-Vinci Construction Joint Venture \u2013 Shieldhall Civil Engineering 50 UK Costain-Vinci Joint Venture \u2013 M4 corridor around Newport Civil Engineering 50 UK Costain-VWS Joint Venture \u2013 Mersey Valley Processing Centre Engineering 50 UK (Shell Green) Extension Project Stage 2 Educo UK Joint Venture \u2013 Bradford Schools Building 50 UK Lagan-Ferrovial-Costain \u2013 A8 Civil Engineering 45 UK The e5 Joint Alliance Severn Trent Framework Engineering 25 UK TSIF-ILW Joint Venture \u2013 Trawsfynydd nuclear power station decommissioning Civil Engineering 33.3 UK
Percentage Country
Activity interest of business
Other joint operations, including completed
ACTUS Joint Venture \u2013 Trawsfynydd nuclear power station
Civil Engineering
25
UK
active waste retrieval
Alstom-Babcock-Costain Joint Venture \u2013 Edinburgh to
Glasgow Rail Improvement Programme
Rail Engineering
33.3
UK
Alstom-Costain C644 Joint Venture \u2013 Traction power \u2013 Crossrail
Rail Engineering
32.5
UK
Alstom-Costain C650 Joint Venture \u2013 HV power supply \u2013 Crossrail
Rail Engineering
32.5
UK
Amec-Costain-Jacobs Joint Venture \u2013 Magnox ILW Management
Civil Engineering
33.3
UK
Programme
A-one+ Integrated Highway Services \u2013 MAC 7
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 10
Engineering and Maintenance
25
UK
A-one+ Integrated Highway Services \u2013 MAC 12
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 14
Engineering and Maintenance
33.3
UK
A-one+ Joint Venture \u2013 ASC area 4 \u2013 Highways England
Engineering and Maintenance
33.3
UK
ATC Joint Venture \u2013 C610 \u2013 Crossrail
Rail Engineering
32.5
UK
ATC Joint Venture \u2013 C695 \u2013 Crossrail
Rail Engineering
32.5
UK
Balfour Beatty-BmJV-Carillion-Costain Joint Venture \u2013
Civil Engineering
29
UK
National Major Projects \u2013 Highways England
CosMott Joint Venture \u2013 Devonport Major Infrastructure
Consultancy
50
UK
Programme \u2013 Construction Delivery Partner
Costain Arup Joint Venture \u2013 Yorkshire Water
Consultancy
50
UK
Costain-Dalekovod Joint Venture \u2013 National Grid HV Overhead
Engineering
60
UK
Line System
Costain-Hochtief Joint Venture \u2013 Reading station
Civil Engineering
50
UK
Costain-Lafarge Joint Venture \u2013 East and South East Framework
Civil Engineering
50
UK
Costain-Lafarge Joint Venture \u2013 Midlands Framework
Civil Engineering
50
UK
Costain-Laing O\u2019Rourke Joint Venture \u2013 Bond Street station
Civil Engineering
50
UK
Costain-Laing O\u2019Rourke Joint Venture \u2013 Farringdon station
Civil Engineering
50
UK
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "
Registered
Percentage of office/principal
Status equity held place of business
Other joint ventures or associates owned indirectly by Costain Group PLC
ACM Health Solutions Limited
Dormant
33.3
(4)
Brighton & Hove 4Delivery Limited
Trading
49
(3)
Budimex & Costain SP ZO.O
Dormant
50
(14)
Costain Abu Dhabi Co WLL
Dormant
49
(9)
China Harbour-Costain Mexico S de RL de CV
Dormant
50
(13)
Gravitas Offshore Limited
Dissolved 4 April 2023
45
(6)
Jalal Costain WLL
Dormant
49
(10)
Nesma-Costain Process Co. Limited
Dormant
50
(11)
Key to registered office/principal place of business (1) Costain House, Vanwall Business Park, Maidenhead, Berkshire, SL6 4UB, England (2) 56 Carden Place, Aberdeen, AB10 1UP, Scotland (3) 210 Pentonville Road, London, N1 9JY, England (4) Booths Park, Chelford Road, Knutsford, WA16 8QZ, England (5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA (6) Whitehill House, Windmill Hill Business Park, Whitehill Way, Swindon, SN5 6PE, England (7) 8th Floor, The Place, High Holborn, London, WC1V 7AA, England (8) P.O.Box N-7768, Bank Lane, Nassau, Bahamas (9) Dormant company \u2013 Abu Dhabi, UAE, no record of address (10) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain (11) P.O.Box 6967, 21452, Jeddah, Saudi Arabia (12) Peninsula Plaza #27\u201301, 111 North Bridge Road, 179098, Singapore (13) Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico (14) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland (15) Dormant company \u2013 Venezuela, no record of address (16) Dormant company \u2013 Nigeria, no record of address ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "
26 Prior year restatement
IFRS 16 \u2013 leases
Due to a mathematical error in the model used to calculate the IFRS 16 right-of-use assets\u2019 cost and lease liabilities on initial recognition,
the cost of right-of-use assets and the lease liabilities reported at 31 December 2022 as reported in the 2022 financial statements were
both understated by \u00a35.4m. There is no material impact on the consolidated income statement or the consolidated cash flow statement
from this error and the impact of the restatement is as shown in the table below. There was also no material impact at the opening
balance sheet date of the earliest period presented, being 1 January 2022.
As reported
As restated
2022 2022
\u00a3m \u00a3m
Right-of-use assets
25.3
30.7
Lease liabilities \u2013 current
9.1
11.0
Lease liabilities \u2013 non-current
15.0
18.5
", "dimensions": { "concept": "costaingroupplc:DisclosureOfPriorYearRestatements", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "26 Prior year restatement IFRS 16 \u2013 leases Due to a mathematical error in the model used to calculate the IFRS 16 right-of-use assets\u2019 cost and lease liabilities on initial recognition, the cost of right-of-use assets and the lease liabilities reported at 31 December 2022 as reported in the 2022 financial statements were both understated by \u00a35.4m. There is no material impact on the consolidated income statement or the consolidated cash flow statement from this error and the impact of the restatement is as shown in the table below. There was also no material impact at the opening balance sheet date of the earliest period presented, being 1 January 2022.
As reported
As restated
2022 2022
\u00a3m \u00a3m
Right-of-use assets
25.3
30.7
Lease liabilities \u2013 current
9.1
11.0
Lease liabilities \u2013 non-current
15.0
18.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "
27 Events after the reporting date
There are no events after the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "
25 Related party transactions
Group
Related party relationships exist with subsidiaries, joint ventures and associates, joint operations, The Costain Pension Scheme and with
directors and executive officers.
Sales of goods and services
2023
2022
Joint ventures Joint Joint ventures Joint
and associates operations Total and associates operations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Joint operations revenue
\u2013
564.6
564.6
\u2013
599.1
599.1
Services of Group employees
\u2013
98.4
98.3
0.6
81.2
81.8
Construction services and materials
\u2013
20.9
20.9
\u2013
17.2
17.2
\u2013
683.9
683.9
0.6
697.5
698.1
Balances with joint ventures and associates are disclosed in notes 16 and 19. Balances with joint operations are eliminated
on consolidation.
The Costain Pension Scheme
Details of transactions between the Group and The Costain Pension Scheme are included in note 21.
Transactions with key management personnel
Disclosures related to the remuneration of key management personnel as defined in IAS 24 \u2018Related Party Disclosures\u2019 are given below.
Key management personnel, as defined under IAS 24 \u2018Related Party Disclosures\u2019, have been identified as the Board, as the controls
operated by the Group ensure that all key decisions are reserved for the Board.
As at 11 March 2024, the date of signing of this report, the directors of the Company and their immediate relatives control 377,239
ordinary shares in Costain Group PLC, which expressed as a percentage of the issued share capital is 0.14% (2022: 0.13%) of the
voting shares of the Company. In addition, Mr Bishoy Azmy, non-independent, non-executive director is the director representative of
the shareholder ASGC which holds 41,666,666 shares and is a c.15% shareholder of the Company. Bishoy Azmy held no shares in his
own name.
In addition to their salaries, in respect of the executive directors and executive officers, the Group provides non-cash benefits and
contributes to defined contribution pension plans. Executive directors and executive officers also participate in the Group\u2019s LTIP, AIP and
SAYE plans, which are detailed in note 21.
The compensation of key management personnel, including the directors, is as follows:
Group
2023 2022
\u00a3m \u00a3m
Directors\u2019 emoluments
1.3
1.9
Executive officers\u2019 emoluments
2.0
2.1
Post-employment benefits
0.1
0.1
Termination benefits
0.2
0.6
Share-based payments
1.5
0.8
5.1
5.5
The above amounts are included in employee benefit expense (note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "25 Related party transactions Group Related party relationships exist with subsidiaries, joint ventures and associates, joint operations, The Costain Pension Scheme and with directors and executive officers. Sales of goods and services
2023
2022
Joint ventures Joint Joint ventures Joint
and associates operations Total and associates operations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Joint operations revenue
\u2013
564.6
564.6
\u2013
599.1
599.1
Services of Group employees
\u2013
98.4
98.3
0.6
81.2
81.8
Construction services and materials
\u2013
20.9
20.9
\u2013
17.2
17.2
\u2013
683.9
683.9
0.6
697.5
698.1
Balances with joint ventures and associates are disclosed in notes 16 and 19. Balances with joint operations are eliminated on consolidation. The Costain Pension Scheme Details of transactions between the Group and The Costain Pension Scheme are included in note 21. Transactions with key management personnel Disclosures related to the remuneration of key management personnel as defined in IAS 24 \u2018Related Party Disclosures\u2019 are given below. Key management personnel, as defined under IAS 24 \u2018Related Party Disclosures\u2019, have been identified as the Board, as the controls operated by the Group ensure that all key decisions are reserved for the Board. As at 11 March 2024, the date of signing of this report, the directors of the Company and their immediate relatives control 377,239 ordinary shares in Costain Group PLC, which expressed as a percentage of the issued share capital is 0.14% (2022: 0.13%) of the voting shares of the Company. In addition, Mr Bishoy Azmy, non-independent, non-executive director is the director representative of the shareholder ASGC which holds 41,666,666 shares and is a c.15% shareholder of the Company. Bishoy Azmy held no shares in his own name. In addition to their salaries, in respect of the executive directors and executive officers, the Group provides non-cash benefits and contributes to defined contribution pension plans. Executive directors and executive officers also participate in the Group\u2019s LTIP, AIP and SAYE plans, which are detailed in note 21. The compensation of key management personnel, including the directors, is as follows:
Group
2023 2022
\u00a3m \u00a3m
Directors\u2019 emoluments
1.3
1.9
Executive officers\u2019 emoluments
2.0
2.1
Post-employment benefits
0.1
0.1
Termination benefits
0.2
0.6
Share-based payments
1.5
0.8
5.1
5.5
The above amounts are included in employee benefit expense (note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Costain House Vanwall Business Park Maidenhead Berkshire SL6 4UB www.costain.com/investors/", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }