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Significant Profit Leap recorded at construction firm Kier 

Underlying pre tax profits at construction firm Kier have soared by 45% to £125m for the year to June 30th.

The company which is headquartered in Bedfordshire have seen revenues grow by 26% and this marks quite a turnaround from the previous year, where one off expenses and accusations hit profits.

The company currently has an order book worth £8.7billion, and part of the success can be attributed to the acquisition and integration of Mouchel, an infrastructure services business Kier bought last year for £265m.

Revenue, including that gained from joint ventures with other construction firms grew from £3.4bn to £4.2bn. Earnings per share in the group grew by 11 per cent to 106.7p, and this has led the Kier board to propose an increase in its final dividend by 17 per cent to 64.5p per share.

 

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The business works all over the UK and is currently managing some large projects across the South West. Over 1,000 staff are working on schemes in the region including a £19m Aerospace Centre in Bristol, a £29.5m student accommodation scheme in Plymouth - a building which will become the tallest in the city, plus a £50m housing development at Hengrove Park.

Kier chief executive Haydn Mursell said he was pleased to report a good set of results, which reflected an evolution within the group over the past year. Mr Mursell is also confident that the Kier Group was continuing to perform well in growing markets such as housing, infrastructure and regional projects.

He added: ”Having completed the integration of Mouchel, we are well progressed with the simplification of our portfolio of businesses and are focused on capitalising on the growth opportunities available to the group. We remain confident of achieving our goal of double-digit profit growth on average each year to 2020."

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