Construction group boosted by Mouchel takeover in strong results
Kier has outstripped many of its major contracting rivals by achieving a three-fold increase in pre-tax profit in full-year results to the end of June.
Pre-tax profit was up to 拢39.5m, up from 拢15.4m, while revenue rose 13% to 拢3.3bn, up from 拢2.9bn.
Kier鈥檚 construction division also increased profit, with underlying operating profit up 25% to 拢37.7m, up from 拢30.2m, representing an underlying operating margin of 2.2%, up from 2%.
Kier said its construction division was boosted by 鈥渟ignificant UK regional building contribution鈥�, while the firm鈥檚 residential division delivered a 35% increase in units.
The acquisition of consultant Mouchel earlier this year boosted Kier鈥檚 order book to 拢9.3bn, up from 拢6.2bn.
The overall Kier group鈥檚 underlying pre-tax profit - which strips out exceptional costs - increased 17% to 拢85.9mm, up from 拢73.7m.
Haydn Mursell, Kier chief executive, said: 鈥淲e continue to simplify the portfolio and restructure our businesses and invest in our future growth. We continue to improve the quality of our earnings to reflect the changing demands of our markets.
鈥淲ith a 拢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.鈥�
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