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Kier Group Sees H1 Results In-line With Board's View; Says Confident Of Medium Term Targets

Kier Group Plc (KIE.L), an infrastructure services and construction company, reported Thursday that it performed well in the first half, despite inflationary pressure and expects to deliver half-year results in-line with the Board's expectations.

The company's order book as of December 31 was about 8.0 billion pounds, an increase of around 4 percent from the year-end position.

In its trading update, the company said the results reflect continued strong operational performance and the confidence outlined in its full year results announcement in September 2021.

Kier said it continues to win new, high quality and profitable work in its markets on terms and at rates which reflect the bidding discipline and risk management introduced under its Performance Excellence programme.

Looking ahead, the company said it remains confident in achieving its medium-term targets of revenue between 4 billion pounds and 4.5 billion pounds, and adjusted operating profit margin of about 3.5 percent.

Andrew Davies, Chief Executive Officer, said, "The first half of the year has started well and we continue to trade in line with our expectations. The increased order book gives us the confidence in the achievement of our medium-term value creation plan and the continued success of the Group, which with financial and operational flexibility, is well placed to pursue its strategic objectives within its chosen markets."

The company will publish its first-half results on March 9.

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