Kier secures £500m in new contracts
Kier Group, the construction, services and property group, is seeing the benefit of the upturn with an increased order book and £500m in contracts secured so far this year for its construction division.
In an interim management statement covering the period 31 December 2013 to 15 May 2014 Kier, which is based at Trafford Park in Manchester, claimed a strong underlying trading performance, and said that its construction division was experiencing an increase in opportunities, with £500m in new contracts.
The firm also said it had an order book of £2.6bn, which would represent all revenue for the year to June 2014, and 80% of the revenue for the year to June 2015.
Kier attributed its strong market position to strategic framework awards such as the £176m North Wales School and Public Buildings Framework, and the financial close of the £450m Mersey Gateway construction joint venture in March.
In the property division, the statement showed a £1bn pipeline and a 15% return on development capital so far this year.
Kier shares were up 42p to 1,688p.
