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Property business drives Kier full-year profit
September 13, 2012 / 6:41 AM / 5 years ago

Property business drives Kier full-year profit

Sept 13 (Reuters) - British construction company Kier Group Plc said its full-year profit rose 2 percent helped by strong performance in its property division but said trading conditions would remain challenging in its core markets for some time.

The group, whose portfolio ranges from building power stations to providing outsourcing for local councils, said underlying pretax profit grew to 70 million pounds for the full year ended June 30 from 68.9 million pounds a year earlier.

Operating profit from its property division, which provides property development and structured property financing, grew 44 percent to 22 million pounds.

Revenue dropped 5 percent to 2.07 billion pounds.

Revenue from its construction business fell 4 percent to 1.32 billion pounds.

Data in the beginning of September showed that British construction activity fell unexpectedly last month as new orders slumped at the fastest pace since the height of the 2008-2009 financial crisis.

Kier increased its full-year dividend to 66 pence from 64 pence.

Shares in the Sandy, Bedfordshire-based company closed at 1345 pence on the London Stock Exchange on Wednesday.

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