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Mouchel integration hits Kier profits

Money

Kier’s interim results show a pre-tax profit of £18M, with costs of £15.5M for the Mouchel integration being reported.

For the six months up to the end of December 2015, revenue was up 32% year on year to £2.1bn, though profits fell by a third compared to £27.8M in the six months to December 2014. The Mouchel costs were previously forecast.

Chief executive Haydn Mursell said: “I am pleased to announce a good set of interim results which show the continued strength and breadth of the Group’s capabilities and our presence in growing market sectors . The Group remains on course to deliver expectations for the full-year.

“In the UK, our core markets are improving which provides a platform for growth, particularly for our property, residential and regional building businesses , and over the medium - term for our infrastructure businesses.

“Mouchel has been substantially integrated and is performing well. Our presence in infrastructure services, regional building and housing aligns to growth markets with high visibility of forward pipelines and now accounts for 75% of the Group’s turnover.”

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