New Kier chief executive Stuart Togwell has unveiled a strong set of half-year results and hailed the “real energy and optimism” across the group.

Results for the six months to December 31 2025 show pre-tax profits up to £32.6m from £28.6m last time as turnover ticked-up to £2bn from £1.97bn.

Kier also hit its target of an average net cash position during the period for the first time in 13 years.

Togwell – who took over the firm in November – said: “We have delivered a strong first half, with good growth in both revenue and profits, reaching an average net cash position for the first time in 13 years, a significant milestone for the Group.

“These results reflect the strength of our customer relationships, the quality of our teams and our operational excellence. Underpinned by our robust cash generation, we are pleased to announce an increase in the interim dividend, in line with earnings, and a further £25m share buyback programme.

“Our order book has grown to a record £11.6bn and we have seen this momentum continue into the second half with a number of appointments to frameworks in key sectors of health, education, water and roads, with further clear opportunities ahead in energy and defence. This underpins the confidence we have in our ability to shape the future of infrastructure, supporting the delivery of the UK Government’s 10-year pipeline of investment.

“Across the Group, there is real energy and optimism supported by the recent steps we have taken to optimise our structure and leadership capability, to maximise the opportunities ahead and ensure we are poised for further sustainable growth.

“Following our strong first half performance, the Group continues to trade well with full year performance forecast to be in line with the Board’s expectations. With a growing, high quality order book, expert project delivery, robust cash generation and disciplined use of capital, we remain confident in driving further returns for our stakeholders.”