Contractor says it has secured all its 2011 revenue

Contractor Kier has said trading remains in line with expectations despite trading remaining “challenging”.

The contractor, in a city update published this morning, said it had now secured all of its revenue for the year to 30 June 2011, and 86% of revenue for the following year. Its key targets for future growth were in the power and waste sectors, it said.

It also announced it has sold its PFI investment in the Sheffield Schools project to its own pension scheme for £4.5m.

The statement said: “Although we continue to operate in a challenging environment, the Group’s financial performance in the year to date remains in line with our expectations. Our order books in construction and services remain strong and our net cash position remains healthy.