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27 September, 2006 - 12:17 By Staff Reporter

Profits soar at Kier Group

Before-tax profits at Sandy-based construction company Kier Group have soared 23.6 per cent to £59.1m in the year to June 30 on revenue substantially higher at £1.78bn ( £1.573bn).The full year dividend increases by 17.1 per cent to 26p. Kier reports that both construction and support order books are running at record levels and that the homes order book at the end of August was 45 per cent ahead of last year.

Chief executive John Dodds said the year had seen the group “firing on all cylinders and our objective for the new financial year is to maintain this momentum.”

Construction order books at June 30 were at the highest level ever and, with a strong pipeline of virtually secure work, the Construction division was in an excellent position to grow further, he said.

In Support Services, the market for local authority outsourcing contracts continues to expand.

Dodds added: “Our housing land bank contains sites of good quality in saleable locations and we anticipate an increase in unit sales for Kier Residential this year enhanced by the acquisition of Hugh Bourn Homes, which provides us with a new operating area.

“Our property portfolio contains a range of development sites that will continue to be enhanced in value, and in Infrastructure Investment we can see a number of good projects coming forward.

“Against this backdrop, the prospects for the group are excellent and I am confident that we will continue to deliver further growth in 2007 and thereafter.”

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