Kier Group PLC (LSE:KIE) said it expects its results for the year to end-June 2022 to meet its expectations, with core markets remaining favourable and the order book growing strongly.
The infrastructure services, construction and property group said it is confident it will be able to continue to mitigate against strong inflationary pressures going forward.
"Kier delivered a strong operational performance over the last year, despite inflation and political uncertainties," said chief executive officer Andrew Davies. "Core markets remain favourable and we continue to maximise value and opportunities.
“This, coupled with the strong order book and strengthened balance sheet, gives the board confidence in our medium-term value creation plan and the continued success of the group."
Kier said its year-end order book is expected to be in excess of £9.7bn, a rise of 26% on the previous year, following a large number of contract wins.
It has already secured 85% of revenue for the financial year 2023, giving it a degree of certainty against a backdrop of uncertainty in the wider market.
The group also said it is confident of achieving its medium-term targets of £4bn-£4.5bn and 3.5% adjusted profit margin.
It said the net cash position at the year-end was in line with its expectations. The average month-end net debt for full-year 2022 reduced to £220mln from £432mln year-on-year as a result of a capital raise, the sale of Kier Living and cash generation.