25th Feb 2015 08:42
LONDON (Alliance News) - Kier Group PLC on Wednesday reported a surge in pretax profit in the first half of its financial year on the back of higher revenue and hiked its dividend as it reiterated that profit in its residential and services business is weighted to the second half.
The group said its pretax profit for the six months to the end of December was GBP26.7 million, a huge rise on the GBP6.3 million reported last year.
Revenue in the half was up to GBP1.58 billion from GBP1.43 billion last year on the back of a strong performance in Kier's property business and resilient trading in its construction arm. The group said its residential and services businesses both held up well, but noted profits in both businesses are weighted to the second half.
Kier hiked its dividend on the back of the rise in pretax profit, up to 24 pence per share from 22.5 pence per share last year.
"I am pleased to announce a good set of results, once again reflecting Kier's ability to deliver consistently whilst continuing to invest for medium-term growth. With improving economic conditions, and, notwithstanding pressures in the supply chain, our robust execution skills and delivery and disciplined approach to bidding and risk management continue to deliver good results," said Kier Chief Executive Haydn Mursell.
Shares in Kier were down 0.6% on Wednesday morning to 1,722.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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