Kier remains on course

UK-based contractor Kier Group has said it remains on course to deliver double-digit profit growth in the current year and achieve its Vision 2020 targets.

In a trading update covering the period since 28 June, 2017, ahead of its Annual General Meeting on 17 November, 2017, it said it had traded in line with the board’s expectations in the period.

It said the performance of its construction division was underpinned by the regional building business and was delivering margins in line with board expectations.

The current order book represents more than 95% of the division’s targeted revenue for this financial year, it said. Kier added that during the period, it had agreed the final account for the last MTR (Mass Transit Railway) contract in Hong Kong, and was in the process of handing over the final elements of work on its remaining project in the Caribbean.

Following ongoing investment in the property and residential divisions, and the acquisition of infrastructure services provider McNicholas earlier this year, the group’s average net debt position has increased in the period in line with the board’s expectations, it said.