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Commercial Property News
Kier produce strong FY results with profits up 12%
Kier Group plc, the contractor and housebuilder, today released it's FY preliminary results which showed underlying pre-tax profits up 12.1% to £89.2million, and the benefit of a multimarket strategy.
Exceptional charges total £24.6million comprising £31.3million relating to land write-downs and £9.5million of costs relating to restructuring the housebuilding business, mitigated by £16.2million profit from disposal of the Hairmyres Hospital Private Finance Initiative investment.
The Homes Division has sold 1438 homes in the year , down 18.6% and has an order book at half of last years level, has lmade 60% of it's workforce redundant.
Some 49% of the Construction Division work is in the private sector and Kier report good demand from BAA,Tesco, Sainsbury's and Morrisons as well as through Land Securities Trillium, British Land, Goodman and Segro. The public sector work is also performing strongly with work in education, healthcare, and prisons filling a record order book.
Kier has a diverse portfolio of other operations including mining, rail, PFI, power and property. They all benefit from long term ongoing relationships which should not be threatened by the credit crunch.
Exceptional charges total £24.6million comprising £31.3million relating to land write-downs and £9.5million of costs relating to restructuring the housebuilding business, mitigated by £16.2million profit from disposal of the Hairmyres Hospital Private Finance Initiative investment.
The Homes Division has sold 1438 homes in the year , down 18.6% and has an order book at half of last years level, has lmade 60% of it's workforce redundant.
Some 49% of the Construction Division work is in the private sector and Kier report good demand from BAA,Tesco, Sainsbury's and Morrisons as well as through Land Securities Trillium, British Land, Goodman and Segro. The public sector work is also performing strongly with work in education, healthcare, and prisons filling a record order book.
Kier has a diverse portfolio of other operations including mining, rail, PFI, power and property. They all benefit from long term ongoing relationships which should not be threatened by the credit crunch.
Thu, 18th Sep 2008