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Costain Group Shares Surge 8.17% After Appointment of New CFO

Simon Mugo trader
Updated 20 Nov 2020

Practice Stock Trading
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Shares of Costain Group PLC (LON: COST) today surged 8.17% after the British technology-based construction and engineering company announced the appointment of Helen Willis as its new Chief Financial Officer.

Helen will join the company on Monday 23 November and will assume the CFO role on 30 November after Tony Bickerstaff the current CFO completes the handover process. Bickerstaff had announced his exit in early October having served as CFO for the past 14 years.

Willis confirmed: “I am hugely excited to be joining Costain and supporting [CEO] Alex [Vaughan] and his team to maximise the opportunities within the UK infrastructure market.”

Investors are hoping that the new CFO will help the company overcome its recent challenges including the loss of the adjudication case on the A465 Heads of the Valleys road in South Wales, which resulted in massive losses for the company driving it to a £90.4 million pre-tax loss in H1 2020.

The company also lost a National Grid contract this year and saw its share price fall 80% after announcing a £100 million rights issue at the height of the first wave of coronavirus infections.

Willis’ previous role was with De la Rue, a security documents printer including banknotes, and passports, where she had served for two years before leaving in January.

Costain Group share price

Tradingview chart of Costain share price 20112020

Costain shares today surged 8.17% to trade at 56.9p having rallied from yesterday’s closing price of 52.6p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading