Kier Group sees full year in line with expectations

Property construction and services group Kier said it expected full year underlying profits to be in line with expectations.

The company added that the financial impact of its portfolio simplification programme together with other non-underlying items would result in a non-underlying charge of around £73m.

It had also generated net cash of £69m, the “significant” majority of which has been, or will be, invested in its property and residential divisions.

Net debt was anticipated to be £150m, at the lower-end of market forecasts, Kier said, adding that it was well-placed for 2018, with growing order books of approximately £9bn and 85% secured revenue position.