Profits at Kier dropped 61 per cent in the year ended 30 June 2009 after being hit by writedowns of £49.8 million, the firm revealed today.
Kier’s pre-tax profit for the year was £24.8 million, down from last year’s £63.4 million while turnover fell 10 per cent to £2.1 billion from £2.4 billion.
But bosses said there are signs of improvement coming through.
Kier said it has £2.2 billion of secure and probable orders at its construction unit while its support services business has £2.3 billion worth of orders.
Kier chief executive John Dodds said: “We enter the new financial year with strong order books and a healthy pipeline of ‘probable’ awards which, together, secure around 93 per cent of our targeted revenues for 2010 and around half of our target for 2011.
“Whilst there may be uncertainties around the level of future construction markets we are better placed than many of our competitors to win further construction work and to increase our market share whilst maintaining a healthy margin.”
The group took write-downs of £49.8 million while it added a £27.3 million credit from its retirement scheme.