Infrastructure services and construction company Kier Group (LON: KIE) shares are climbing after it revealed, “full-year results are anticipated to be moderately ahead of the Board’s expectations”.
Since its half-year results, the London-listed group’s trading has continued to be resilient, stating that it reflects a strong operational performance.
Kier Group has recently won several new contracts, including a £1 billion for the UK Government’s new prisons programme, a £75 million capital works contract from Hammersmith and Fulham council, and a £190 million maintenance and response contract from Highways England.
The company said that its recent sale of Kier Living and a capital raise gained £350 million in gross proceeds. As a result, it feels it has the financial and operational flexibility to pursue its strategic objectives.
One of those objectives is a medium-term revenue target of between £4 billion and £5 billion.
“The Group’s proven track record of delivery and focus on selected markets, coupled with its strong order book and strengthened balance sheet, gives the Board confidence in our strategy and the continued success of the Group,” commented Andrew Davies, CEO of Kier.
The company’s shares are currently up 0.25% at 130.2p after initially climbing to 133p earlier in the session.
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