Revenue at Kier Group has increased by 17% to almost £3.97bn in the year to 30 June, which the firm said was driven by "strong operational delivery across divisions".

The UK infrastructure services, construction and property group also saw its adjusted profit increase by 14% in the same period from £131.5m to £150.2m, while its operating margin beat its medium-term target of 3.5%, reaching 3.8%.

It added that it had recorded net cash of £167.2m, which is more than double that of the year prior (£64.1m).

Kier Group said that its acquisition of Buckingham Group’s rail assets in September last year were now fully integrated into the business and “continue to perform ahead of the pre-acquisition plan”.

Looking ahead, the firm said its order book remains "strong and growing", stating that the contracts it has acquired “reflect the bidding discipline and risk management now embedded in the business”.

Furthermore, the group said it has started the current financial year "well" and is trading in line with the board’s expectations.

It added that it is "well positioned to continue benefiting from UK Government infrastructure spending commitments" and is confident in sustaining the cash generation evidenced over the last two years.

Chief executive at Kier Group, Andrew Davies, said: "The past three years have seen the group achieve significant operational and financial progress. The strong results for FY24 are testament to the hard work and commitment of our people who have enhanced our resilience and strengthened our financial position in-line with our medium-term value creation plan.

"Our order book remains strong and growing at £10.8bn and provides us with good multi-year revenue visibility. The contracts within our order book reflect the bidding discipline and risk management now embedded in the business.

"I am also pleased to report that the group significantly reduced its average month-end net debt position as well as improved its year-end net cash position. I am confident we can sustain this momentum going forward."

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