As a direct response to the increased number of our investors electing to receive only electronic copies of our major publications, we have the most recent available here;
The Notice of Annual General Meeting 2011
The 2010 Annual Report
2010 Preliminary Results
Chairman's Statement (2010 Preliminary Results)
Toby Hayward
Chairman
Overview
In 2010 the Company produced lower but creditable profits in an extremely harsh business environment for the structural steel sector in the UK.
The Company continues to extend its leading position in the market, reflected by its financial performance and market share gains.
The Company anticipates that trading conditions will only improve marginally towards the end of 2011, before a richer vein of project opportunities materialises in 2012.
Results
The Group has made an underlying operating profit of £16.2m (2009: £51.8m) on revenue of £266.7m (2009: £349.4m).
Group profit after tax is £7.6m (2009: £31.3m), with basic earnings per share of 8.58p (2009: 35.34p), both reflecting the impact of non-underlying items.
Dividend
The Company, while optimistic for 2012 and beyond, feels that trading in the UK market in 2011 will remain very tough.
In remaining prudent against this outlook, it will recommend a final dividend payment of 2.50p, giving 7.50p for the full year (2009: 15.00p).
Board Changes
The Board is pleased to announce that Derek Randall, currently Executive Director with responsibility for Business Development and International, including JSW Severfield Structures Ltd in India, joined the Company's main Board in February 2011.
The Company is also pleased to welcome John Dodds to its Plc Board as a non-executive director in October 2010.
John retired from Kier Group last year, after working for the company for 40 years.
John became CEO of Kier Group in 2003 and, with his wealth of experience in the construction industry, will be a valuable asset to our Board.
People
Our employees continue to be our key competitive advantage, with their experience and commitment contributing to our relative success and development.Outlook
2011 will be a tough trading year.
The macro-economic situation in the UK has been and remains difficult to interpret and predict.
Clearer consensus is emerging that recovery will be apparent in GDP growth in 2012.
Privately led investment in a few key sectors will provide improved prospects for us in 2012.
The Company expects that the remainder of 2011 will be notable for the absence of large, major project starts with an improvement being seen in our pipeline for 2012.
In our overseas target markets, we are demonstrating that our experience, methods and capability can be transferred successfully as we attempt to offset the impact of tough trading conditions in the UK.
Progress in India is extremely good where exciting prospects are in the pipeline and growth potential is strong.
Toby Hayward
Chairman
