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Kier’s turnover up following takeover of May Gurney

Kier has reported a 50% increase in turnover in its first full year results since the takeover of May Gurney last year.

For the year to June 2014, Kier posted record revenue of £3bn, up from £2bn a year ago.

However, pre-tax profit dropped to £14.8M, from £25.9M the previous year, chiefly due to £58.3M of one-off costs relating to the May Gurney acquisition and restructuring.

Underlying operating profit rose 59% from £55.5M to £88M.

Kier’s construction division made revenues of £1.6bn for the year, up 22% from £1.3bn in 2013, and operating profit rose 11% to £33.6M. The operating margin was 2.1%, down on the previous year’s 2.3%. The business comprises the building, major projects, infrastructure, and international operations.

The services business, which has grown the most following the May Gurney purchase, posted turnover of £1.1bn, up from £437M, while operating profit rose to £53M from £19M.

The division includes highways maintenance, utilities, facilities management, housing maintenance and environmental services.

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