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Kier reveals sharp fall in profits

Kier has suffered a 61% fall in yearly pre-tax profits, preliminary results show.

Profits fell from a total of £63.4m last year to £24.8m, with a nine per cent drop in revenue - down to £2.15bn from £2.37bn - also recorded.

The company revealed, however, that its order book for this year had risen by 5%, with “secure and probable” contracts for construction adding up to £2.2bn, an increase from the £2.1bn held at the same point in 2008.

Chairman Phil White said: “Against the backdrop of a very challenging economic climate, particularly in the UK property development and housing markets, I am pleased to report good results for Kier Group plc for the year to 30 June 2009.”

“Underlying profits before tax, the amortisation of intangible assets and exceptional items were ahead of expectations at £52.8m and underlying earnings per share on the same basis were 102.5p.”

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