Costain agrees A465 settlement

摘要

Costain has agreed a settlement with the Welsh Government over changes to its contract for a major widening of the A465 but declined to confirm the exact value. The two sides first agreed a deal valued at £159.5m in 2015 but the project has been dogged by issues, resulting in costs and timelines spiralling. In April 2019, the Welsh Government confirmed that an extra £54m was needed to complete the works, which took the cost of the project to £321.1m. Since then Costain revealed it had written off £45.4m in its half-year results last September and the suggestion is that the latest settlement is of a similar amount. 'The financial terms of the Settlement are in line with the provision made by the Group for the year ended 31 December 2020,' said Costain in a statement to the Stock Exchange.