Kier’s 1H26 results showed no surprises, trading comfortably in-line with full-year forecasts with 94% of FY26E secured and 78% of FY27E, underpinned by an £11.6bn order book. Performing to expectations across all verticals, particularly Water, which is the key driver in the near term, and we expect performance to accelerate from the second half as the main build works begin. Long-term, management also cites further clear opportunities in Energy and Defence. Interim dividend increased to 2.6p (1 ....
