Kier Group continues positive momentum
Kier Group said today it has continued its positive momentum despite inflationary pressure, procurement and project delays contributing to a 5% fall in revenue.
Announcing its results for the six months ended 31 December 2021 today, the group said it generated revenue of over £1.5 billion over the period (HY21: £1.6bn), with an adjusted operating profit of £54 million (HY21: £48m).
Highlights include a “strong performance” in Infrastructure and Property, partially impacted by reduced volumes in Construction, and an order book of £8 billion. Kier added that it is focused on winning work through long-standing client relationships and a regional-based business model.
There was also “disciplined investment” in the Property business in line with the group’s medium-term plan and a continued commitment to its Sustainability Framework and ESG targets.
Andrew Davies, chief executive, said: “The performance of the group over the last six months reflects our significantly enhanced resilience and strengthened financial position. We achieved our medium-term plan margin target in the first half of the year. The group is well positioned to continue benefiting from UK Government infrastructure spending commitments and has seen strong levels of awards in the first half of the year.
“We continue to trade in line with expectations. Our high quality order book underpinned by long-term frameworks and agreements, gives us confidence in our medium-term value creation plan and the continued success of the group.”