When Kier reveals its results in September for the year to 30th June 2021, they will show an adjusted operating profit margin of approximately 3%.
Kier has continued to win major contracts, sold its Kier Living house-building division for 拢350m, raised capital from shareholders and secured and extension to its revolving credit facility 鈥� all of which is making the board feel reasonably secure.
鈥淭rading since the announcement of our half year results continued to be resilient and consequently the group's full year results are anticipated to be moderately ahead of the board's expectations,鈥� it said today.
It added that it was confident of achieving its medium-term targets of a 3.5% adjusted operating profit margin and a cash conversion of operating profit rate of 90%.
Recent contract awards include:
- 拢190m Area 3 maintenance and response contract for Highways England
- 拢50m early works contract for HS2 Phase 2a
- Openreach contract to construct new broadband infrastructure
- appointed to the Ministry of Justice's 拢1bn new prisons programme
- 拢75m capital works contract for Hammersmith & Fulham council
Chief executive Andrew Davies said: "The group's proven track record of delivery and focus on selected markets, coupled with its strong order book and strengthened balance sheet, gives the board confidence in our strategy and the continued success of the group."
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