Kier hardy, despite demanding trading conditions

Construction group Kier has described its full year results as 'solid' and in line with expectations.

Underlying pre-tax profits of £70.0m in the year to June 30th were up 2% on the previous year's £68.9m and a shade ahead of market expectations of £69.7m.

Underlying earnings per share (EPS) of 156.8p were up 6% from the previous year's 148.4p, as the group enjoyed a 6% reduction in its effective tax rate. Analysts following the company had pencilled in 147.91p for EPS.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

The full-year dividend is up 3% to 66p from 64p the year before, reflecting the board's confidence in the business. The broking community evidently have similar confidence, as they had predicted a full-yeardivi of 65.94p.

More to follow ...

JH