On 11 March 2020, Costain announced a £100m rights issue, aiming to strengthen its balance sheet after it suffered a £6.6m pre tax loss on revenues of £1.16 billion in 2019; the news sent Costain shares down 34%, with the plunge continuing the following day, dropping below £1 to 88p. The company was also affected by the COVID-19 pandemic shutdown with major projects (amounting to a third of operating revenue) suspended. As a result, the board and senior leadership team agreed a 30% reduction in salaries and fees for up to three months, while also making other short term economies. In early May, Dubai-based contractor ASGC said it planned to invest £25m in Costain's £100m rights issue, giving it a 15% stake in the group. The rights issue was concluded in late May 2020, with ASGC becoming Costain's biggest shareholder.