Kier is on course to complete two challenging contracts in Hong Kong early next year.
In a trading statement this morning, Kier said the two contracts relating to Hong Kong rail system projects were now drawing to a close.
One of the projects is a 2.6m section of rock tunnel for the new high speed link from China to Hong Kong, which started in 2012 and was due for completion in May 2015.
Kier holds a 50% stake in the £120m contract which was secured in joint venture with Kaden Construction (Hong Kong) and Spanish contractor Obras Subterraneas.
Kier is working in joint venture with Laing O’Rourke on the £200m expansion of the Admiralty Station in Hong Kong. The four-year contract also for transport operator MTR Corporation started in 2011.
“Internationally, our two Hong Kong contracts remain challenging; however, they are expected to reach completion during the first quarter of 2017 and work is underway to close the final accounts,” said the firm this morning.
Chief executive Haydn Mursell said that Kier Group was on course to meet expectations for the current financial year, despite increased economic uncertainty in the UK following the EU referendum
The growing services division has just picked up a five-year extension to its Suffolk County Council highways contract worth more than £250m.
The division has also been named preferred bidder for a £100m ten-year contract with Powys County Council to provide maintenance, across council housing and other public and commercial buildings.
He said: “We are encouraged by the recent Government announcements relating to Hinkley Point C and Heathrow airport, which reflect the UK Government’s commitment to further investment in infrastructure, a key sector for Kier.
“With our broad offering and presence in sectors receiving Government focus, the group is well-positioned for the future and looks forward to the Government’s Autumn Statement on 23 November.”
from Construction Enquirer http://www.constructionenquirer.com/2016/11/17/kier-to-finish-challenging-hong-kong-projects/
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