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Good contribution from Scotland

Kier reports strong first half performance

Kier

Kier has reported a strong order book


Kier Group chief executive Haydn Mursell said the company had a good first half performance with particularly strong contributions from its property and services divisions.

“Our £9.5bn Construction and Services order book, combined with our £3.5bn pipeline in the property and residential divisions, provides good visibility of work over the medium term,” he said.  

We remain on course to deliver double-digit profit growth in 2018 and to achieve our Vision 2020 strategic targets.”

Kier Construction Scotland has maintained turnover stability at approximately £150m per annum and has a growth target of £200m by 2020. 

Brian McQuade, managing director of Kier Construction Scotland, said: “Kier Construction Scotland has a robust pipeline of activity, thanks to a number of important framework and tender wins.”

Group financials

·      Revenue of £2,154m, up 8%; underlying operating profit of £60m, up 5%

·      Forecast revenue in Construction and Services 100% secured for year to 30 June 2018; more than 65% secured for year to 30 June 2019

·      Order book of approximately £9.5bn reflecting strong pipeline conversion in regional building and highways

·      Net debt of £239m and expected to be less than 1x EBITDA at 30 June 2018

·      Basic earnings per share of 41.0p (December 2016: 39.7p), up 3%

·      Pension deficit reduced to £19m

·      Interim dividend of 23.0p, up 2%

·      On course to deliver double-digit profit growth in 2018 and on track with Vision 2020 goals



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