Kier sees full year in line as order book jumps 7%

18th Jul 2024 09:34

(Sharecast News) - Construction firm Kier said on Thursday that full-year revenue and profit were set to be in line with market expectations as its order book hit nearly £11bn and it hailed a "strong" operational performance.

In an update for the year to 30 June, Kier pointed to a year-end order book of around £10.8bn, up around 7% on the prior year. It said around 85% of revenue for FY25 had already been secured.

In addition, the group said it had a net cash position at year-end of about £165m, which is more than double the prior year-end, when it stood at £64m.

Kier said its chosen core markets remain attractive with future growth opportunities underpinned through the UK Government's investment commitments to improving UK infrastructure and regulated UK assets.

Chief executive Andrew Davies said: "The group has had a strong year with volume and profit growth, increased orders and material deleveraging. We have enhanced our resilience and strengthened our financial position in line with the objectives set out in our medium-term value creation plan.

"Our order book remains strong and provides us with multi-year revenue visibility. The group is well positioned to continue benefiting from UK Government and regulated sector infrastructure spending commitments and these strong structural drivers will allow us to further generate shareholder returns."