Kier Group full-year profit jumps, confident on outlook

17th Sep 2015 07:38

(ShareCast News) - Kier Group posted a jump in pre-tax profit for the year ended 30 June as revenue rose thanks to a solid performance in all its divisions.The property and construction group said underlying pre-tax profit came in at £85.9m, up 17% from last year, on revenue of £3.4bn, up from £2.9bn. Reported profit rose 156% to £39.5.Kier, which completed its acquisition of infrastructure and business services group Mouchel in June, said the integration of Mouchel's operations is progressing well with the successful retention of its key management.Kier said it expects the enlarged business to achieve cost savings of £4m in the financial year ending 30 June 2016 and £10m in the year ending 30 June 2017 and thereafter.Chief executive Hayden Mursell said: "I am pleased to announce we have delivered solid growth and increased profitability. Economic confidence is returning to our core markets and, furthermore, the acquisition of Mouchel represents a major step in accelerating the group's five-year strategy."We continue to simplify the portfolio and restructure our businesses and invest in our future growth. We continue to improve the quality of our earnings to reflect the changing demands of our markets. With a £9.3bn order book, a strong balance sheet and continued progress on our Vision 2020 goals this year, we look forward to the future with confidence."