Have held KIE since flotation in early 1990s and they have increased profits every year since. Share price has moved in line, but still modestly rated on historic P/E of 11 at 750p.Lots of cash and largely ungeared track record, good spread of activity between housebuilding and construction, with a number of valuable longterm PFI projects underpinning cash flows for many years to come. AGM at end of this week should confirm underlying strength. One to lock away imo but of course dyor.

StockMarketWire.com
Property and construction group Kier reported Tuesday underlying profit and earnings is expected to be in line with expectations.

The company also said year-end net debt is expected to between a £170m to £190m range as forecast, with average month-end net debt of about £375m as its construction business was hampered by poor weather.

Construction volumes, however, have since returned to levels in line with management's expectations, the company said.

The construction and services order books increased to more than £10bn, providing a 90% secured revenue position in these businesses for 2019, Kier added.

Kier secured a three-year extensions to the Highways England contracts for Areas 3 and 9, expected to generate aggregate total annualised revenues of about £250m.

The company launched a new efficiency and streamlining programme, 'Future Proofing Kier,' expected to improve productivity, include the disposal of non-core operations and deliver an improvement in operating margins and cash generation.

The 'material' benefits of the programme would be realised in the financial year ending 30 June 2020 and beyond, the company said.

'The strength of the Construction and Services order books, together with the long-term Property and Residential pipelines, provides a robust platform to deliver our Vision 2020 targets,' Kier said.