Construction, services and property group Kier said it remains on course to meet expectations for the full year despite the increasingly challenging environment.
Its construction division remained resilient from 1 July 2011 to the date with operating margins firmly above 2%, in line with previous guidance.
The services division is trading well and its order book continues to provide long-term visibility of revenues. Keir said it is confident of sustaining its 4.5% operating margin.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Kier said its property division will have an 'increasing importance' to its results with transactions weighted towards the second half of the current financial year.
Overall Kier said trading remains in line with company expectations. "In particular, our order books in Construction and Services remain robust and our net cash position remains healthy," it said in a statement.
"In addition to our strong balance sheet, our integrated business model continues to provide a good breadth of opportunities and... we anticipate a trading performance in line with our expectations for the current financial year," it added.
--
cj
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
