Kier builds up hopes despite housing slump

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The crash in the housing market sent Kier's profits tumbling by 40% to £52 million in the year to the end of June.

However, chief executive John Dodds was today insisting the right type of construction company can survive a market in which too many firms are chasing a diminishing amount of work.

"We believe our record sets us aside and our order book at £2.2 billion and visibility of work remains strong," said Dodds of the company that is currently building the new Supreme Court in Westminster Square and rebuilding the roof of King's Cross rail station.

"Public sector finances are under pressure but I do not believe the more alarmist forecasts that the tap will be turned off," he added.

"In housebuilding, the best we can say is that we have stability.

"Visitor levels are the same as they were last year but the quality of visitor is better and cancellation rates are reduced."

The dividend for the full year has been maintained at 55p.