Group reports strong performance
Keir counting on restoration work
Kier Construction Scotland is handling the £25m restoration of the fire-damaged Glasgow School of Art and is working with the Edinburgh College of Art on the £14m refurbishment of its Grade A-listed sandstone building in Lauriston Place.
Next month, work begins on the £6.7m contract to carry out restoration, redevelopment and upgrade work at one of Scotland’s oldest and most historic concert halls – the A-listed Aberdeen Music Hall.
Brian McQuade, managing director said: “We have a solid pipeline of work, largely from our partnership on a number of significant health and education frameworks.”
The company has become a partner on the £125m Aberdeenshire Council Capital Works Framework and is providing building works as part of Glasgow Airport’s framework over the next three years.
The group saw pre-tax profits for the year rise 44% to £150 million following the completion of its acquisition of Mouchel. Revenue rose 26% to £4.2 billion and the company has a £8.7 billion order book.
Commenting on the results, Haydn Mursell, chief executive, said: “This year, we have successfully focused on our commercial and capital disciplines and are pleased to report a significant improvement in our net debt, further strengthening our balance sheet and the delivery of a key Vision 2020 target: net debt: EBITDA of less than 1x, a year ahead of our expectations.
“The group continues to perform well in growing market sectors including infrastructure, housing and regional building, providing a breadth of capabilities to our clients. For the first time, 50% of group profit now comes from our services division where essential day-to-day services are provided to clients and we have long-term visibility of our future pipeline of work.
“We remain confident of achieving our goal of double-digit profit growth on average each year to 2020.”