Kier does have a strong balance sheet along with the potential to generate additional cash from its property and housing portfolio. This positions it well relative to its peer group. The group also has a strong reputation for being soundly managed but that will not fully protect it from growing cost and margin pressure. Less work and customers flexing their buying power will see the margin drop to around 2% this year. Its presence, however, on a large number of frameworks (which make up about 60% of its revenue) as well as broad infrastructure expertise gives the group good short-term project visibility.
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