LONDON (dpa-AFX) - Kier Group plc (KIE.L), on Thursday, issued a trading update for the period from 1 July 2022 to date, and said the Group is trading in line with the Board's expectations.
The company delivered a strong operational performance despite inflationary pressures, which continue to be mitigated. Similar to the prior year, the Group's performance is expected to be second-half weighted, the company said.
At the end of September, the order book stood at about £9.8 billion and is 90% secured for FY23, providing a high degree of certainty for the Group.
Further, the company stated that it remains confident in achieving its medium-term targets of revenue in the range of £4.0 billion - £4. billion, and adjusted operating profit of about 3.5%.
Andrew Davies, Chief Executive Officer of Kier Group plc, said, 'The current financial year has started well and we are trading in line with our expectations. The Group remains well positioned to continue benefiting from UK Government infrastructure spending commitments and remains focused on the delivery of a sustainable net cash position and a sustainable dividend, in line with our medium-term value creation plan.'
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