Shares up 55p as construction and services group announce yearly profit of £80m

Kier Group has announced a pre-tax profit rise of 30.5% after strong growth in all its divisions.

John Dodds
Dodds: I have enormous confidence in the future prospects for Kier

The construction and services group said profit rose from £61m to £79.6m in the year to 30 June 2007, while turnover increased from £1,838.3m to £2,127.9m.

At 10.10am this morning Kier share prices had jumped 55p to 1,975p, a rise of 2.86%.

Kier chief executive John Dodds said strong growth had been seen in all divisions and the group was in “great shape”.

He said: “With its strong markets, a sound business infrastructure and talented management teams I have enormous confidence in the future prospects for Kier.”

The construction division reported an increase in turnover from £1,218.1m to £1,411.2m, a 15.9% rise, while support and services saw a 12.2% rise in turnover, with revenues up from £281.3m to £315.5m.

The group said construction and support services order books were at record levels of £3.5bn, up from £2.9bn in 2006.

It predicted continued growth in the current financial year.