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Kier shares boosted by Budget announcement

Kier

Shares in Kier have risen by almost 5% following the Autumn Budget announcement by chancellor Phillip Hammond earlier this week

The news comes after analysts at Liberum said that Kier’s road and rail activities would benefit from Budget spending announcements.

Kier is expected to benefit from the chancellor’s 50% increase in road investment to £25.3bn from 2020 to 2025, as the company is the largest provider of road maintenance to Highways England.

An increase of more than 20% in rail spending from 2020 to 2025 with an emphasis on renewal work could also benefit Kier rail activities.

Hammond’s £200M pledge to test the deployment of full-fibre broadband in rural areas may also gives Kier a financial boost because the company is the largest supplier of telecoms maintenance to Virgin Media.

Meanwhile, an extension of the Help to Buy scheme to 2023 for first-time buyers could benefit Kier’s development business.

Earlier this year the company revealed that in the financial year ending in June 2018 its underlying pretax profit increased to £137M from £126M the previous year. The company also announced that its total order book hit an all-time high of £10.2bn.
 

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