Costain finance chief departs after hefty losses

Costain finance chief Tony Bickerstaff is stepping down after 14 years, just weeks after the group plunged to a £92 million loss.

The construction group saw turnover hit by Covid-19, turning last year’s profit of more than £8 million into a half-year loss.

Costain, best known for its role in helping build the Channel Tunnel, thanked Bickerstaff for his “significant contribution and personal commitment”.

Costain shares today slipped 1% to 40p valuing the business at £114 million. They were more than 400p a few years ago.

Last month Costain announced a £92 million loss after taking bit hits on the A465 Heads of the Valleys road contract and the Peterborough & Huntingdon gas station job.

Dr Paul Golby CBE, chair, said: “Tony has been with Costain for 14 years and I would like to thank him for his significant contribution and personal commitment to the Group during this time.”

Dubai contractor ASGC took a 15% stake in the business earlier this year at a cost of £100 million