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Double-digit profits predicted by Kier

25 September 2017

After reporting a pre-tax profits increase of 8% for the year to 30 June 2017, Kier Group is predicting double-digit growth for the next 12 month period.

Widely reported by a number of national media outlets, including the Financial Times, the company's update included a statement that Brexit uncertainty had not had a major effect on its main businesses.

Its figures showed an increase sales from £4.08bn for the previous year, to £4.27bn for its latest financial year.

The results were close to those predicted by analysts of £4.28bn revenue and £125m profit.

Kier Group chief executive Haydn Mursell said simplifying the company's portfolio had helped it to focus on growth within its three main markets of building, infrastructure and housing.

These "now represent 90% of the group's revenue and profit," said Mr Mursell.

He further stated that the tragic Grenfell Tower fire in London earlier this year had resulted in the company reviewing its use of "similar types of cladding" where it provided FM and maintenance services on its clients' estates.

Its review also includes activities within its construction business, said Mr Mursell.

The company further stated that it expects to increase its rate of growth in the current financial year, adding at least 2% to this year's total.

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