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
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.
In the doghouse: hundreds of investment funds are underperforming - is it time to sell?
News The latest Spot The Dog research from Bestinvest reveals 151 funds are failing to beat their benchmark. We reveal the worst performers
By Marc Shoffman Published
Nationwide: House prices creep up for the first time in over a year
Nationwide’s latest house price index reveals property prices are finally rising. Will this pattern continue in 2024?
By Vaishali Varu Published