Construction group Kier today reported a big rise in profits and turnover in its results for the six months to 31 December, boosted by its property arm.
Pretax profits rose 25% to £11.8m, compared to £9.4m in the equivalent period of 2001, while turnover rose by 4.5% to £723.6m, from £692.5m a year before.
Earnings per share rose by 23.5% to 25.2p, having stood at 20.4p in the year-ago period.
Chairman and chief executive Colin Busby said: “The group’s property activities continued to perform extremely well and our joint venture with Bank of Scotland, Kier Developments, contributed £1.1m to operating profits.”
“We are not immune to the economic environment, but our property portfolio will continue to provide good opportunities and we have made further progress with our PFI activities.”
The group also announced that it would be separating the roles of chairman and chief executive “to meet the growing needs of the business.”
As of 1 May, John Dodds will become chief executive, while Busby will remain chairman.
Dodds has been with Kier since 1970, since when he has spent much of his time overseas, particularly in Africa and Hong Kong.
He formerly controlled Kier’s civil engineering division, before becoming the director responsible for major projects, mining, international contracting and infrastructure investment.
References: EGi News 17/03/03
