11th year of growth for Kier

Kier posted an 11th year of growth in turnover and profit in the 12 months to 30 June. Turnover increased 4.5% to £1.4bn as pre-tax profit improved 18.9% to £33.2m. Operating profit rose 29.4% to £33.9m.

However, these figures disguise some varied divisional performances. Kier Regional boosted its turnover by 8.6% to £787.6m and won contracts worth £760m during the year, while Kier National posted a reduced turnover of £334.9m (£412.6m in 2001/02).

This was expected as the division was restructured and worked towards reducing its risk exposure. A further reduction in turnover is expected in the current year.

Kier National was also hit by loss provisions for two major projects: the Paragon headquarters for the TAG McLaren F1 team and a retail project in Bournemouth.

Support services increased its turnover from £80.9m to £115.4m.

Kier Residential and Kier Property both performed well, their combined turnover moving ahead from £158.8m to £201.3m. Combined operating profit was up by nearly a half to £32.4m.