PROFITS are up at construction group Kier as it prepares to welcome a new chairman.
Philip Cox of Drax is to take over this summer as Phil White retires after nine years in the role. The news comes as the property, residential, construction and services group announces a 12 per cent rise in underlying pre-tax profits in the six months to December. The figure hit £46.3 million despite a one per cent decline in revenues.
While rivals have struggled since the Brexit result last June, Kier said it has “taken advantage of market opportunities” and strengthened its future pipeline, with an order book worth approximately £9 billion in place.
The group said results are in line with expectations, with an interim dividend per share of 22.5p. Current projects include the £25m Glasgow School of Art restoration and a £43m William McIlvanney schools campus in Kilmarnock.
Chief executive Haydn Mursell said: “Our continued focus on simplifying the portfolio and working with clients in a collaborative way is delivering further growth opportunities.
“The group’s breadth provides some resilience against economic uncertainty and we continue to shape Kier to focus on our core competencies.
“We are encouraged by the pipeline in the property and residential businesses and our healthy order books of approximately £9bn in the construction and Services businesses. We remain on course to deliver our expectations for the full year.”
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