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Kier Group Says On Track To Meet FY View; Offers To Buy May Gurney - Quick Facts

Kier Group plc (KIE.L), the integrated construction, services and property group, said it remains on course to meet expectations for the current fiscal year.

The Construction unit continues to be resilient, with operating margins maintained around 2 percent. For the period to the end of March, Kier has secured nearly 400 million pounds of new contracts, and the order book of secured and probable work represents the entire forecast Construction revenue for the current fiscal year and 88 percent of the forecast Construction revenue for fiscal 2014.

The Services division is trading as forecast and the order book of 2.1 billion pounds continues to provide long-term visibility of revenues, with 97 percent of forecast Services revenue for the year to June 30, 2013 and 86 percent of forecast Services revenue for the year to June 30, 2014 secured or probable, Kier Group added. Kier Group's order books in Construction and Services remain robust, trading performance and cash position are in line with view and the Group is experiencing a good level of bidding activity across the Group.

In a separate press release, the Boards of Kier and May Gurney Integrated Services Plc reported signing an agreement on the terms of a recommended offer for May Gurney by Kier, under which Kier would buy the entire issued and to be issued ordinary share capital of May Gurney. As part of the acquisition, May Gurney Shareholders would be entitled to receive 0.2095 new Kier shares and 50 pence in cash for each May Gurney share.

by RTT Staff Writer

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