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Kier posts 24% increase in profits but warns of continuing tough times

Contractor Kier unveiled its year-end preliminary results today with pretax profits rising to £68.9M in the year ending 30 June 2011, up from £55.5M in 2010.

The firm increased its profit margins from 2.6% to 2.7% in 2011 and increased its order book to £4.3bn from £4.2bn.

Kier Construction’s revenue in 2011 was £1.45bn with a profit of £39.3M. Kier Services revenue was £484M in 2011 with a profit of £21.7M.

Kier chief executive Paul Sheffield said the firm had “another successful year in a tough economic environment”.

Sheffield added he didn’t anticipate any improvement in the UK sector until 2013.

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