Kier expects profits "well ahead" of 2003

Kier Group expects profits for the year to the end of June 2004 to be "well ahead" of last year and at the higher end of market expectations.

The contracting, services, housebuilding and property group has also revealed that chairman Colin Busby will retire in November 2004 and be replaced by non-executive director Peter Warry.

Speaking ahead of a site visit with analysts and institutions today (Thursday), Kier said its forward orderbook currently stands at £95.8m, some 70% ahead of last year helped by the strength of the market and an increase in the number of outlets.

its regional businesses also secured a record level of awards during the year and cash generation within the regional contracting business remained strong during the year.

Support services continues to grow, benefiting from a full-year of turnover from the building maintenance contract with Sheffield City Council, although there have been fewer opportunities for local authority outsourcing contracts than anticipated.

Legal completions for the 12 months to the end of June 2004 totalled 1,158, 17% ahead of last year.

Preliminary results for the year to end June 2004 will be unveiled on 16 September.