Kier profit boosted by regional results

Kier has issued a trading update saying that it expects to report a full-year profit well ahead of last year's figure. No detail is given but the new profit figure will be "at the higher end of market expectations".
Last year, Kier made a pre-tax profit of £33m on a turnover of £1.4bn (12 months to 30 June).
The statement said: "Our regional businesses secured a record level of awards during the year, with negotiated and partnered work continuing to enhance the quality and
strength of our orderbooks. Cash generation within regional
contracting remained strong."
Kier's Support Services division continued to grow, though there were fewer local authority outsourcing contracts
than anticipated.
Housing has been buoyant and legal completions ran to 1,160, some 17% ahead of last year, with Kier's average selling price rising by around £5,000 to a new high of £186,000.
Colin Busby reached his retirement age of 60 last month. He is stepping down as chairman and will be succeeded by Peter Warry, who has been on the board as a non-executive since 1998.