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Strong cash and order book keeps Kier in line

Kier today said its cash position and order books are healthy putting the firm on course for trading in line with management expectations.

Kier said trading continued to differ across its divisions, with some activities benefiting from high public sector expenditure.

The construction division, where the public sector accounts for about 75 per cent of awards in the year to date, continues to perform well.

Support services is also performing well, with workloads being boosted in social housing maintenance.

However, the partnership homes division is still being affected by difficult conditions in the private housing market.

The statement said: “Whilst the current markets for our homes and property developments remain challenging we have a number of good long-term opportunities which will provide considerable value for the future.

“Our construction businesses are performing well with good opportunities identified for 2009/10 and 2010/11.

“We anticipate that our support services businesses will further benefit from more outsourcing projects in both the public and private sectors as businesses and local authorities continue to examine their cost bases.”