Record first quarter performance from construction keeps Kier on track
Construction and services giant, Kier announced that trading in its first quarter has been in line with expectations, putting it on track to achieve targets for the full year.
The Bedfordshire-based group said that its construction division had achieved record revenues, with the buoyant market supporting its order books at a healthy level.
It said that its homes division made a satisfactory start to the year despite negative buyer sentiment and uncertainties in the mortgage lending market. It added that its sites had experienced a notable reduction in the level of visitors since the news broke on Northern Rock, but that its housing businesses are achieving rates of reservations that enable the firm to attain unit sales targets.
The group also said that its property division remained sound despite investment uncertainties, and that it had completed on the sale of a £40m regional headquarters development in Milton Keynes to be occupied by Electronic Data Systems.
"Overall the group's financial performance to date is in line with our expectations putting us firmly on track to achieve further growth this year," Kier said in a statement.
The company's share price has seen growth of 3.5 per cent, rising 73p to 2123p.