Kier loses Mattar but still bullish
CIVIL engineering and building specialists Kier said yesterday record net cash balances and strong order books will push it towards the upper end of market expectations when it reports full year underlying profit before tax.
The update came as the group announced finance director Deena Mattar is to leave the company, with Haydn Mursell of Balfour Beatty set to replace her.
Kier said it ended the financial year with net cash balances at a record level of more than £170m and having secured almost 90 per cent of its targeted revenue on its order books for 2011.
Mattar’s departure follows that of her husband John Dodds, former chief executive, who retired last year after 40 years with the company.
The couple hit the headlines four years ago when it was revealed they had been having an affair.
They married after Dodds split from his wife.
Phil White, chairman of Kier, said Mattar was highly respected and would be missed “enormously”.
Mursell, who has been deputy group finance director of Balfour since October 2008, will arrive at the group in November and will have to grapple with the effects of public sector cuts.
But Kier anticipates cuts to the Building Schools for the Future programme will have a limited impact. Kier made £52.8m last year and analysts forecast between £52m and £56.2m when results are announced.