Kier has set aside £73 million to cover potential safety fines as well as business reorganisation costs.

In it's annual results, the firm revealed it will take a £73m hit due to closures of it's Caribbean and Hong Kong businesses, as well as a likely increase in fines for health and safety incidents.

In a statement, the Group said: "Since the acquisition of Mouchel in June 2015, the Group has undertaken a programme of portfolio simplification allowing it to focus on, and grow, its market leading positions in regional building, infrastructure services and housing.

-- Advertisement --

"This portfolio simplification programme is nearing conclusion and, taking into account the other non-underlying items, will generate cash for the Group to enable it to focus on the future growth of its core operations."

Despite the £73m charge, the company revealed its property and residential pipelines continue t improve, with a total order book of around £9 billion.

The company added it has a "balanced portfolio of businesses, with market leading positions in regional building, infrastructure services and housing".

"We continue to invest in the Group and remain well positioned to achieve our Vision 2020 goals," it said.

(LM/MH)