Cheltenham racecourse builder Kier reports 10% revenue rise

Cheltenham Racecourse

Cheltenham Racecourse - Credit: Archant

Kier Group plc, the property, residential, construction and services group, which employs over 150 in Gloucestershire, announced its six months results ended 31 December 2014.

Kier, which is building the new £45 million Cheltenham Racecourse grandstand and the £30 million Cheltenham Brewery regeneration scheme, reported Group revenue of £1.6 billion, up by more than 10% with an underlying operating profit of £44m in line with the previous year. Its international order book almost doubled following the award of £150 million of new work in the Middle East.

Haydn Mursell, chief executive, said: “I am pleased to announce a good set of results, once again reflecting Kier’s ability to deliver consistently whilst continuing to invest for medium-term growth. With improving economic conditions, and, notwithstanding pressures in the supply chain, our robust execution skills and delivery, and disciplined approach to bidding and risk management continue to deliver good results.”

“The property development pipeline sits at more than £1 billion and we have a strong forward sales position in the residential division. The order books of the construction and services divisions have increased to £6.5 billion with revenue now fully secured for 2015. With an improving market, we are seeing more and higher quality opportunities filling our pipeline.”

“Significant positions on key frameworks, a disciplined approach to new work and an improving economy, position us well for the remainder of 2015 and over the medium term. A further increase in the interim dividend reflects our confidence in the future. We remain on course to meet the Board’s expectations for the full year.”