UPDATE 2-Kier Group says Q1 roused by construction orders

Mon Nov 9, 2009 12:29pm GMT
 
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* May contest 18 million pounds fine from OFT

* Says trading since July in line with its views

* Says 'well advanced' in search for new CEO

* Shares up 1.2 percent (Adds detail, analyst quote, share price)

By Lorraine Turner

LONDON, Nov 9 (Reuters) - British building company Kier Group (KIE.L) gave a robust first-quarter trading update, buoyed by new orders which helped offset the gloom from its 18 million pounds ($30.20 million) fine earlier in the trading period.

Kier, which focuses mainly on construction activity, added on Monday it is considering contesting the Office of Fair Trading fine, pushing its shares 1.2 percent higher by 1211 GMT.

"This is the strongest indication yet from any company that it will contest the fine," said Alistair Stewart at Investec.

"Kier's IMS was punchier in tone than we expected," he added.  Continued...

 

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