Britain’s third biggest construction company holds its annual general meeting today and has issued an upbeat update on current trading.
As previously reported, in the year to 30th June 2024 Kier Group increased revenue by 16% to £3,905m and pre-tax profit by 31% to £68.1m.
In the four months since then, trading has continued in line with positive expectations and the order books has grown by £100m to £10.9bn.
Recent awards include a place on Wessex Water’s five-year AMP8 capital delivery framework, two education projects together worth £30m and £100m of work for the Defence Infrastructure Organisation at Royal Naval Air Station Culdrose. These latter works will include replacing and refurbishing 820 Naval Air Squadron Hangars, office buildings and the Engineering Training School.
“Bidding discipline and risk management embedded across the business continue to drive the high quality and profitable order book,” the board said. “Kier has maintained its focus on operational delivery and cash management. The group continues to de-leverage in-line with the board’s expectations and anticipates a significant period-on-period improvement.
Chief executive Andrew Davies said: “The current financial year has started well and we are trading in line with our expectations. We are well positioned to benefit from UK government infrastructure spending plans into areas where Kier offers market leading services. These strong structural drivers and further investments will allow us to further generate shareholder returns.”
