Kier builds up its expectations
CONSTRUCTION firm Kier said private sector business was starting to bounce back from the slump and forecast annual profits at the upper end of City expectations, writes Philip Waller.
The group, working on London’s Crossrail and a £40million HQ for Ordnance Survey in Southampton, said companies were re-instating delayed building projects as more private cash became available. Chief executive Paul Sheffield said a London property revival was boosting private sector firms but warned state investment in infrastructure would still be needed.
“The private sector cannot take up all the slack,” he said.
Kier said investment in power and utilities would help it deal with government spending cuts and reductions in school building plans would not significantly affect it.