Skip navigation

Gloucestershire Business News

Kier credit "significant improvements" for growth in orders

Kier Group saw a growing order book as it saw what it labelled "significant improvements" in the second half of last year.

A trading update for the six months to December revealed profit before tax of £27.8million, compared with £30.7million for the same period the year before.

The construction firm, which has a regional base in Quedgeley, saw a dip in revenue from £1.8billion the year before to £1.6billion.

The company said an increased order book of £8billion at the end of the year covered 62 per cent of forecast revenues for the year to the end of June.

Chief executive Andrew Davies said: "I am pleased to report that the execution of the strategic imperatives outlined in June 2019 has resulted in significant improvements in both our financial results and free cash flow for the reshaped group."

He said the sale of housebuilding sector Kier Living, announced earlier this week for £110million, "achieved many of the milestones required to improve cash generation and reduce net debt".

Cost savings are predicted to save the company at least £115million by the end of the year.

"The second half of the year has started well seeing a continuation of the positive trends of the first half and we are confident of achieving further progress this year in line with our expectations," he said.

Related Articles

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Monday, June 21 Image

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Monday, June 21

The ongoing coronavirus situation is changing by the hour with announcements being made about businesses and services that are being forced to adapt and change.

Rugby legend Phil Vickery plans restaurant expansion Image

Rugby legend Phil Vickery plans restaurant expansion

England and Gloucester Rugby legend Phil Vickery is looking to expand his restaurant in Cheltenham.

All change at Lydney Harbour Industrial Estate Image

All change at Lydney Harbour Industrial Estate

Following the recent purchase of Lydney Harbour Industrial Estate by Mercia Estate, a new team have been brought in to help attract new tenants to the site.

Sewer project worth £8.5 million gets underway in the Cotswolds Image

Sewer project worth £8.5 million gets underway in the Cotswolds

Construction of a major new sewer pipeline has begun in Gloucestershire.

Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.