At this stage in the economic cycle, the larger quoted contractors usually start hinting that profit forecasts might need lowering. But to judge from the trading statements from Carillion, Costain and ISG this week, larger contractors, which are free from any UK house building interests, seem to be doing well. Costain and Carillion are benefiting from the booming Middle East market and neither seems to be having trouble picking up work at home. The larger firms' focus on blue-chip clients and the strength of the PPP and UK infrastructure markets seem to be compensating for slowing commercial activity.
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