Kier released an AGM trading update, reporting a positive start to FY26 in-line with expectations. We maintain our forecasts and target price. Consistent with FY25 the Group's performance is expected to be second half weighted. Kier’s order book has grown 5.5% and currently stands at £11.6bn, with 94% of FY26 revenue estimated to be secured. Strong contract wins across Infrastructure, including the appointment of Norfolk Council’s £700m highways contract and the £205m United Utilities Reservoir ....
