14th Nov 2024 12:02
(Alliance News) - Kier Group PLC said that nearly all of its revenue for financial year 2025 has been secured, as the construction firm revealed improved orders.
Ahead of its annual general meeting on Thursday, the Manchester, England-based infrastructure services, construction and property firm said its order book currently stands at GBP10.9 billion, up 0.9% from GBP10.8 billion on June 30, the end of its last financial year.
As a result, 95% of its expected financial 2025 revenue is now secured, Kier said, up from 90% at the time of annual results announcement in September.
Kier expects its performance in financial 2025 to be second-half weighted, meaning January to June, in line with the prior year, and said that trading so far in the first half has been in line with board expectations.
Shares in Kier were up 5.5% at 146.60 pence midday Thursday in London.
The FTSE 250-listed firm said it has won several contracts recently including one worth GBP100 million with the Defence Infrastructure Organisation for a major infrastructure project.
Kier Chief Executive Andrew Davies will tell the AGM: "The current financial year has started well and we are trading in line with our expectations.
"We are well positioned to benefit from UK government infrastructure spending plans into areas where Kier offers market leading services. These strong structural drivers and further investments will allow us to further generate shareholder returns."
By Christopher Ward, Alliance News reporter
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