Kier reports 17% rise in underlying profits

Head teacher Wayne Lloyd in the new building at Thomas Gainsborough School in Great Cornard, which w

Head teacher Wayne Lloyd in the new building at Thomas Gainsborough School in Great Cornard, which was constructed by Kier. - Credit: Archant

Property and construction group Kier today reported a 17% increase in underlying annual pre-tax profits.

Kier, which also has residential and services divisions, said it had achieved growth across all four of its businesses in the year to June 30, addinig that its current order book was worth £9.3billion.

The underlying pre-tax profit of £85.9million, which excludes the impact of Kier’s acquisition of Mouchel towards the year-end, was achieved on revenue of £3.4bn, up 14% on the previous 12 months.

Chief executive Haydn Mursell said: “I am pleased to announce that we have delivered solid growth and increased profitability.

“Economic confidence is returning to our core markets and, furthermore, the acquisition of Mouchel represents a major step in accelerating the group’s five-year strategy.

“All of our divisions have performed well,” he added. “We continue to simplify the portfolio and restructure our businesses and invest in our future growth.

“With a £9.3bn order book, a strong balance sheet and continued progress on our Vision 2020 goals this year, we look forward to the future with confidence.”

Most Read

Kier’s construction arm has a strong presence in East Anglia following its acquisition of Norwich-based May Gurney in 2013. It currently employs more than 200 people in Suffolk where it has recently completed a £15m building for Thomas Gainsborough School at Great Cornard and £7m-worth of projects for Ipswich Hospital. It also has a contract with Suffolk County Council for the maintenance of roads and footpaths.