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Kier residential income up by 6%
Construction giant Kier’s residential income has grown by 6% to £376m.
The company has also increased its revenue from mixed tenure housing to above the £200m mark.
The Bedfordshire-based company reported 8% growth in income from integrated developments in the year to the end of June.
It announced mixed tenure turnover of £202m, alongside revenue from private housebuilding on Kier-owned land up 5% to £174m.
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Kier’s annual report stated: “The residential division’s activities are increasingly focused on mixed tenure development with two-thirds of its activity working with local authorities, housing associations and other clients.”
The firm’s mixed tenure business completed 1,450 homes in the year to June.
“With continuing budgetary challenges in local authorities, yet increased demand for housing, the business is seeing high levels of interest in funding solutions and joint ventures,” said the report.
It added: “The private housing market remains robust with the sale of new homes continuing to outperform the second-hand market.”
Kier’s group revenue rose 3% to £4.1bn, and pre-tax profit was £26m, following a £35m loss the prior year.
