CONSTRUCTION, services and property group Kier unveiled a “solid” set of results for the six months to December 31, today.
The group, which operates a regional office in Speke’s Estuary Commerce Park, said revenues fell from £1.04bn to £976m and underlying pre-tax profits of £27m compared with £34m.
Group cash of £105m is down from £159m in June last year, but the business says its order book remains healthy for constructikon at £2.1bn, against £2.2bn in 2011; flat at £2.1bn for services; and £1.3bn in the property division, against £700m a year ago.
Chief executive Paul Sheffield said: “I am pleased to report a solid set of results for Kier, which demonstrate the strength and resilience of the group in what remains a difficult market.
“Our three divisions create a well-balanced business model, which coupled with our strong balance sheet, will continue to underpin our future performance.”
He added: “As we are exposed to today’s difficult environment, particularly in UK building, we are taking steps to restructure the business to reflect the scale of future opportunities. This restructuring will continue through the second half of the financial year.”
Andy Brown, an analyst with stockbroker Panmure Gordon, said: “While pre-tax profit has declined 21% Kier has delivered a performance in-line with expectations in what remain tough markets.
“The balance is robust, orders steady, revenue visibility high while a cost focus being maintained.”
He recommends ‘hold’ for the company’s shares.