Kier forges ahead with healthy order book

Construction firm Kier said it had entered the new financial year with healthy order books after posting full-year pre-tax profit up 11 per cent.

The firm said it had a strong order book for its construction and support services units at £4.2bn, and a record net cash position of £175.2m.

It posted full-year pre-tax profit of £58.4m and revenue of £2.1bn.

Analysts were expecting pre-tax profit of £55.5m and revenues of £2.1bn.

"Market conditions in 2011 will remain challenging for all our businesses," it said.

"However, with our strong track record of delivery and our innovative financing and planning skills, we expect to continue to grow our UK market share, particularly in construction and support services."

The construction and support services sector was hit hard by the financial crisis and more cuts in contracts loom when the full extent of the Government's belt-tightening becomes clear.

Kier, however, said in July that it had seen a rebound in private sector work and would manage public spending cuts by investing in non-discretionary areas such as power and utilities.

It posted full-year pre-tax profit of £58.4m and revenue of £2.1bn. Analysts were expecting pre-tax profit of £55.5m and revenues of £2.1bn.