Kier cuts 350 residential housing jobs
Kier Group Plc said on Friday that it was expecting full year underlying pre-tax profit to be in line with market expectations and ahead of last year's results, but added it would be cutting 350 jobs.
Stocks up on rate cut hopesThe construction firm said in a statement, "Despite very tough market conditions for both housing and property Kier Group plc expects to report full year underlying profit before tax in line with current market expectations and ahead of last year's result."
The group said it could see little evidence of a slow down in the market for construction and support services and said it had record order books for both sectors.
However Kier said that housing market "continues to be tough" and said that unit sales for the year were down by 1,767 on last year down to 1,438 legal completions.
Kier said, "We are very cautious on the outlook for 2009 and consequently we are taking appropriate action to reduce our cost base."
In its bid to reduce costs Kier said it would be closing four out of five of its offices and would be cutting around 60 per cent of jobs in its residential division, representing around 350 jobs.
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