Keir reports strong figures

UK-based Keir Group has reported what it described as strong preliminary results for the year to June 20, 2010, with underlying pre-tax profits up 10,6% to £ 58,4 million (€ 69,2 million ), compared to a 2009 figure of £ 52,8 million (€ 62,6 million).

It said its underlying profit before tax was ahead of last year, revenues were at similar levels to last year, and cash generation had been "very strong", closing the year at a record level.

It claimed its order books for construction and support services stood at £4,2 billion (€ 5 billion) - £ 4,5 billion (€ 5,3 billion) in 2009 - with "a strong pipeline of further opportunities".

Chief executive Paul Sheffield said, "Revenue for the year at £2098,7 million (€ 2487,8 million) was slightly below last year's £2145,6 million (€ 2543,5 million). Support services and Partnership Homes both achieved growth in revenues and in construction, UK revenue grew marginally offsetting a decline in overseas revenues as a consequence of a contraction in our overseas markets.

"Underlying operating profit for the group, after the amortisation of intangible assets, was 12,8% ahead of last year at £56,5 million (€ 67 million), again achieved from growth in support services together with Partnership Homes which benefited from land disposals in the year," said Mr Sheffield.