Kier Group plc reveals one year results with record £10.2bn order books
Kier Group plc, an infrastructure services, buildings, developments and housing group has announced its 2018 full-year results for the 12-month period ending June 30, 2018.
The business, which employs over 400 people across the region with offices in Hebburn and Killingworth, is responsible for a number of projects in the area.
Kier Group’s underlying revenue has gone up by five per cent, while profits from operations are up 10 per cent. Its record construction and services order book stands at £10.2bn.
Commenting on the results, Haydn Mursell, chief executive, said: “I am pleased to report a good set of results with all divisions performing well.
“We have launched the Future Proofing Kier programme which will streamline the business thereby enabling us to deliver a more efficient service to clients, respond to changes in our markets and capitalise on growth opportunities, whilst, importantly, also accelerating the reduction of the group’s net debt position.
“Our strong market-leading positions, our record £10.2bn Construction and Services order books, and our £3.5bn property development and residential pipelines, will see the Group deliver on its Vision 2020 targets.
“In addition, the Future Proofing Kier programme positions the Group well for an improvement in operating margins and higher cash generation, culminating in a net cash position for FY21.”
Kier North Tyneside, a joint venture between Kier and North Tyneside council, delivers improvements and repairs to the council’s 14,000 housing stock.
It also provides a design, build and maintenance service to schools and local authority buildings and delivering affordable homes.
It is currently on site delivering six schools under the ESFA Framework, these range from refurbishments and extensions to new builds with values ranging from £2.8m to £12m.
In 2013, the joint venture launched its Working Roots programme, established in direct response to the industry skills shortage and designed to offer construction training opportunities to vulnerable young people and reduce youth unemployment.