Brexit has not impacted Kier but has created uncertainty

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Kier Group has revealed the vote to leave the EU has not had a significant impact on their business dealings to date, but has created an air of uncertainty…

In the run up to the vote there were considerable concerns about the impact of a Brexit on the construction sector. However, major construction and property firm Kier Group has revealed it has seen little impact on its business, with trading continuing in line with expectations.

According to Kier, shares for the group rose 1.52 per cent in early trading, reaching 1066p. The firm said the vote had undoubtedly “created some uncertainty”, but said its board “believes the group’s breadth of activities and strong order books provide both visibility and resilience”.

The firm said buying May Gurney in 2013 and Mouchel last year had “significantly increased the level of visible, long-term earnings”.

Kier also said it has a “healthy” pipeline of projects in its property division, worth in the region of £1bn.

The firm said: “Current trading is positive and the group will continue its disciplined approach to winning work and risk management.

“In summary, and as shown following the successful integration of Mouchel, the group has a track record of driving efficiencies through the business as well as managing risk effectively.

“The group’s excellent cash performance, combined with our new fixed-rate facilities, provide a robust platform for the year ahead.”

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