July 2 Kier Group Plc said its
construction business had an order book equivalent to about 90
percent of anticipated revenue for 2015, backed by a strong
recovery in building activity in Britain.
Order book of secured or probable work at its construction
unit, which accounts for more than 65 percent of total revenue,
was about 2.6 billion pounds ($4.42 billion) for the year ending
June 30, 2015, Kier said in a statement.
Shares in the FTSE-250 company were up about 5 percent at
1872 pence in early trading, making them the top percentage
gainers on the index on Wednesday.
"The contract win rate is impressive, the pipeline is strong
and there are signs that risks are reducing," analysts at
Liberum said in a note to clients.
The analysts, who have a "buy" rating on Kier's stock with a
price target of 1915 pence, said they would buy the stock ahead
of the company's investor day on Thursday, where Kier is
expected to give details about its 2020 target.
Kier, whose activities range from building power stations to
providing outsourcing for local councils, also said its
underlying performance for the year ended June 30 remained on
The company bought infrastructure and maintenance company
May Gurney last April for 221 million pounds, broadening its
scope of services.
($1 = 0.5877 British Pounds)
(Reporting by Abhiram Nandakumar in Bangalore; Editing by