Kier reports strong annual results
19 September 2008
Kier Group recorded annual sales of UK£ 2,3 billion (€ 3 billion) , an increase of +11,6% on 2007 figures of UK£ 2,1 billion (€ 2,7 billion).
In line with increased sales, the group also recorded pre-tax profits of UK£ 87 million (€ 110 million), an increase of + 12,2% on 2007 profits of UK£ 77 million (€ 98 million).
In the construction division of its business, Kier increased revenues by +17% to a record UK£ 1,6 billion (€ 2 billion) for the year, up from 2007 sales of UK£ 1,4 billion (€ 1,7 billion).
Operating profit from the group’s construction activity increased by +75%, from UK£ 22 million (€ 28 million) in 2007 to UK£ 38 million (€ 48 million) in 2008.
John Dodds, chief executive said, “Our construction and support services businesses have seen steady demand throughout the year. In the UK construction market, education has continued to provide plenty of opportunity, much of it through the academies framework and frameworks with local authorities.
“Overseas, our markets in the Middle East are buoyant and we continue to explore expansion opportunities in the region.
The market for our housing business has been tough with -18,6% fewer sales achieved this year and a continuing deterioration in reservation levels. We have responded by restructuring the homes division from five administrative centres down to one.”
