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Kier reports 11% rise in profits

Construction giant Kier has said it is looking forward to a healthy future after ending its latest financial year will an increase in pre-tax profits of 11%.

According to bosses at the firm, Kier has a record net cash position of £175.2M.

The company also has a strong order book for its construction and support services, worth around £4.2bn in total.

Analysts had been expecting pre-tax profits to be around £55.5M, but Kier achieved a better than expected £58.4M for the 12-month period.

Revenue was £2.1bn, the company revealed.

A statement released by the company said that market conditions next year will remain tough, but the company was in a strong position to tackle the problems in the construction sector.

It read: “With our strong track record of delivery and our innovative financing and planning skills, we expect to continue to grow our UK market share, particularly in construction and support services.”

While the construction sector has already been hit hard by the financial crisis, it is expected to suffer once more when the Government announces its austerity measures in the autumn.


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