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.

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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.

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