Construction, support services, private and social housebuilding company Kier Group plc (KIE.L) in its interim management statement Monday said for the period from July 1 to November 9, first-quarter trading was in-line with its expectations.
The Group said in the Construction division, high-quality order books generated healthy margins and cash balances, active on around 52 frameworks across the public and private sectors through which the Group continues to drive value for its clients as well as for Kier. The Group anticipates that the framework would help to maintain workloads at least through to 2011 and beyond.
Order books of secured and probable work remain at healthy levels securing 96% of the Group's expected construction revenue for the year to June 30, 2010 and 55% of its targeted construction revenue for the year to June 30, 2011, in-line with previous years.
In the power sector, Kier's major power station project for EDF at West Burton is said to be progressing well.
In the infrastructure sector in the UK and internationally, Kier prequalified for the early contracts for Crossrail in London and the Group is tendering for similar work with MTRC in Hong Kong.
Kier said Support Services sector has good long-term visibility of revenues through the Building Maintenance division where Kier said it operates a number of large, long-term contracts for the repairs and maintenance of social housing units.
Kier also said the GBP 600 million contract for 10 years for North Tyneside Council started well in September, with a possible further 5-year extension.
The Partnership Homes division had a 14% higher total order book of reserved and exchanged units compared with last year.
Kier said completions to date together with its order book for this year represent around 73% of its full-year targeted unit sales, similar level to that achieved last year and in-line with its expectations.
The company said that following notification by John Dodds, Chief Executive, of his intention to retire during 2010, the search is on to select his successor.
KIE.L is trading up 1.65% at 1,045.00 pence on the LSE.
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