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Contractor Kier's Private Finance Initiative (PFI) investments showed its first profits during the financial year to 30 June, according to results published last week.

Hairmyres hospital in Scotland started bringing in a return after being completed on budget and three months early. As a result, Kier's infrastructure investments business produced a first time operating profit of £200,000.

Kier Group reported increased pre-tax profits of £21.9M, compared to £17.5M for the year to June 2000.

Turnover was up from £1bn to £1.25bn, with construction turnover rising from £937.4M to £1.12bn. Construction operating profits were £11.1M compared with £6.5M last time.

Overseas contracting reduced losses from £1.2M to £900,000, as result of a move towards negotiated and target cost work.


Heavy investment in a growing number of PFI projects resulted in a dip in Carillion's profits during the first half of 2001, according to figures published last week.

Group turnover increased from £926.1M to £970.2M in the first six months of this year, while operating losses were £900,000 compared with a profit of £9.6M for the same period last year. Carillion made a first half pre-tax profit of £9M, after accounting for contributions for joint venture.

Last year the group reported a pre-tax loss of £9.3M.

Capital projects turnover increased from £232M to £260M as a result of Carillion's involvement in the fast progressing Birmingham Northern Relief Road project.

But the division's operating profits fell from £2.5M to £1.4M after settlement of an old power and process engineering contract.

Carillion's private finance division reported an operating loss of £2.6M compared with a first half operating profit of £3.4M. The loss was down to increased investment in bid costs for a higher number major PFI projects. Turnover rose from £126M to £131M.


Former Tilbury Douglas group Interserve increased pre-tax profits to £22.6M from £17.2M on turnover up from £451M to £636M, according to half year results published this week.

The construction services division increased operating profits to £5.6M from £4.3M.

The division has also rebranded itself under the Interserve name at a cost of £1M.

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