Kier Group builds up profits in ‘good year’
Property and construction group Kier remains on track to achieve its 2020 targets after revealing solid full-year figures.
The group’s underlying performance, which includes joint ventures and strips out some one-off costs that are mostly to do with simplifying its portfolio, saw pre-tax profits rise 8% to £126m.
This was achieved on a 5% increase in revenues, which rose to £4.27bn in the year to June. Haydn Mursell, Kier Group chief executive said:
“Our underlying performance for the year was good.
“Having simplified our portfolio, the Group is more focused and able to pursue its growth ambitions in our three core markets: building, infrastructure and housing, which now represent 90% of the Group’s revenue and profit.”
Kier Group employs more than 800 people across the West Midlands. Its major projects in the region include building around 300 homes in a £40m mixed-tenure housing scheme in Kings Norton for Birmingham City Council’s Birmingham Municipal Housing Trust.
“We continue to invest in the business to improve our operational efficiency, providing a robust platform on which to take advantage of the strong long-term fundamentals in these core markets.”
Kier Group has seen its share price fall steadily since March, losing 27% to close last night at 1,095p. It has a market value of just above £1bn.