Contractor also reports 9% fall in overall revenues for full year to 30 June
Kier suffered a 61% fall in pre-tax profit in the year to 30 June 2009, the group has revealed in its preliminary results, but its construction order book is up 5% this year.
Pre-tax profit for the UK-based construction firm fell to 拢24.8m after exceptional items, compared with 拢63.4m for the same period a year earlier.
Revenue for the year was 拢2.15bn, including income from shares in joint ventures, a fall of 9% on the previous year's figure of 拢2.37bn. Meanwhile, the group said it had 拢92.5m of net cash at 30 June, down from 拢143.9m in 2008.
However, its 鈥渟ecured and probable鈥� orders for construction added up to 拢2.2bn, an increase from the 拢2.1bn of orders held at the same point in 2008.
Investment in Kent's 黑洞社区 Schools for the Future programme has provided the group with 拢300m of additional construction work, PFI investment opportunities and a facilities management contract, the group said.
The chairman of Kier, Phil White, said: 鈥淎gainst the backdrop of a very challenging economic climate, particularly in the UK property development and housing markets, I am pleased to report good results for Kier Group plc for the year to 30 June 2009.鈥�
He added: 鈥淯nderlying profits before tax, the amortisation of intangible assets and exceptional items were ahead of expectations at 拢52.8m (2008: 拢89.2m); and underlying earnings per share on the same basis were 102.5p (2008: 174.8p).鈥�
The full-year dividend was maintained at 55.0p.
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