Kier sees trading in line with expectations

Construction and infrastructure group Kier said trading in the new fiscal year had started well, with performance in line with expectations.

Kier’s order book at the end of September stood at £9.8bn and was 90% secured for the year to June 30.

In a trading statement ahead of its annual shareholder meeting, the company added that it was confident of achieving medium-term targets for £4bn-4.5bn and an adjusted operating profit margin of around 90%.

"The group remains well positioned to continue benefiting from UK government infrastructure spending commitments and remains focused on the delivery of a sustainable net cash position and a sustainable dividend, in line with our medium-term value creation plan," said chief executive Andrew Davies.

Reporting by Frank Prenesti for Sharecast.com