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Kier moves to reassure industry of financial stability

Kier

Kier has moved to reassure investors that it will not be adversely affected by the collapse of Carillion.

In a trading update covering the six months up to the end of December last year, the contractor said its combined construction and services order books remained strong at around £9.5bn.

Kier has debt of around £350M, but the trading update said this was underwritten by property and residential assets of £500M.

Kier had been in a joint venture with Carillion on the Highways England smart motorway programme and on a contract to build sections C2 and C3 of the High Speed 2 line.

However, earlier this week it announced it would be taking over full responsibility for the smart motorways programme and, together with third JV partner Eiffage, had also assumed responsibility for the HS2 contract. Kier said both were performing well, operationally and financially.

Kier chief executive Haydn Mursell said: “Our first half performance continues to demonstrate the strength and stability of the business and the benefits of our client focused strategy.

“We have leading market positions in infrastructure services, building and development which provide the platform to support further growth and position the group well for the future. The group remains on course to deliver double digit profit growth in the current year and to achieve its Vision 2020 targets.”

Full results are expected to be announced on 15 March.

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