Property business buoys Kier Group

Construction firm Kier Group this morning reported a two per cent rise in full-year profit, as it battled tough trading conditions.

Strong performance in its property division helped the construction company, whose operations range from building power stations to providing outsourcing, report pre-tax profit of £70m in the year to 30 June, up from £68.9m last year.

Profit from the property division grew 44 per cent to £22m.

Its construction business wasn’t quite as rosy, and revenue over the period fell 4 per cent to £1.32bn.

Data at the beginning of September showed that British construction activity fell unexpectedly in August as new orders slumped at the fastest pace since the height of the 2008-2009 financial crisis.