12th Nov 2015 08:31
LONDON (Alliance News) - Property, residential, construction and services company Kier Group PLC on Thursday said it is on course to meet its expectations for the full year, though its results will be weighted to the second half.
Kier said its property arm has continued to trade well, driven by robust occupier and investor demand and a pipeline in excess of GBP1.1 billion. Its residential housebuilding arm is also performing well, benefiting from strong demand in the UK. It expects to have around 2,350 completions expected in the current financial year to the end of June 2016, around 10% ahead year-on-year.
The construction arm is trading in line with management expectations, securing GBP700.0 million in new work in the four months to the end of October. Its current order book represents 100% of targeted revenue for the 2016 financial year, Kier said.
The services division also has traded well, with its order book representing 95% of expected 2016 revenue. Profit in the first quarter, however, was dragged back by a decline in recylate prices in its environmental business.
Shares in Kier were up 0.8% to 1,333.94 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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