Kier Group’s 3 Sovereign Square development in Leeds.
Nick Hill

Yorkshire projects contribute to Kier Group’s strong financial results

Kier Group plc, the property, residential, construction and services group which employs over 1,000 people across the region and has offices in Leeds, York, Sheffield and Barnsley, has reported its full-year financial results for the year ending 30 June 2015.

The group’s overall revenue saw a 14% increase to £3.4bn (2014: £2.9bn) which reflected solid growth in all divisions of the business, and underlying pre-tax profit was up 17% to £85.9m (2014: £73.7m).

As for the group’s property sector, underlying operating profit rose 42%, which produced ROCE (return on capital employed) in excess of 15%.

The 2,130 new units that were delivered in the residential division also showcased a 35% increase on 2014, and construction saw a revenue growth of 15%.

Furthermore, Kier’s services division also experienced revenue growth of 13%.

Multiple Yorkshire projects have had a major contribution to these very strong results, including the £25m redevelopment of Catterick Garrison town centre, which will open officially to the community later this month; and, working with Bruntwood, the company is constructing the new £30m development at 3 Sovereign Square in Leeds, providing over 90,000sq ft of grade A office space.

Kier also opened its new 8,500 sq ft regional headquarters in Leeds earlier this year.

In Sheffield, Kier is currently building the new Sheffield North Active Leisure and Sports facility, with a six-lane swimming pool, learner pool and fitness suite, which is scheduled for completion in March 2016.

Haydn Mursell, Kier Group plc chief executive, said: “I am pleased to announce that 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.

“All of our divisions have performed well. We continue to simplify the portfolio and restructure our businesses and invest in our future growth. 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.”

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