Kier cuts 375 jobs to add to building misery
The jobs carnage in the house building industry continued today when Kier Group added 375 casualties to the thousands of jobs already going or gone.
Jobs: Builders have already shed thoussands of workers
Kier said it is laying off 60% of the 625 workers in its residential construction business as it sees no let-up in the housing recession for the next 18 months.
The group, which has several trading names including Bellwinch Homes, is closing offices at Borehamwood, St Neots and Spalding as well as its presence in Glasgow.
Kier's completions have tumbled by around a fifth to 1438 in the past 12 months, but the picture has worsened markedly in recent weeks. The company said: 'The housing market continues to be tough. Visitor levels and reservations continued to fall during the [last six months] and at 30 June 2008 our order book of exchanged contracts and reservations was around 45% less than at 30 June 2007.
'We are very cautious on the outlook for 2009 and consequently we are taking appropriate action to reduce our cost base.'
Kier's job cuts continue a horrendous month of news in the industry.
In recent weeks, Persimmon has cut 1100, Barratt Developments 1000, Taylor Wimpey 900, Bovis Homes 400, Bellway 370, Redrow 350 and Galliford Try 265.
Kier shares were steady today at 910½p as the company said the poor housing outlook was offset by the continued strength of construction and building maintenance contracts in the public sector.
'These mixed market experiences reinforce the benefit of having a range of businesses operating in different sectors of the market,' the company said.
Most watched Money videos
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Kia's 372-mile compact electric SUV - and it could costs under £30k
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Mini Cooper SE: The British icon gets an all-electric makeover
- Leapmotor T03 is set to become Britain's cheapest EV from 2025
- Porsche 'refreshed' 911 is the first to feature hybrid power
- Mercedes has finally unveiled its new electric G-Class
- Introducing Britain's new sports car: The electric buggy Callum Skye
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Incredibly rare MG Metro 6R4 rally car sells for a record £425,500
- A look inside the new Ineos Quartermaster off-road pickup truck
- Top Gear takes Jamiroquai's lead singer's Lamborghini for a spin
- So which is cheapest for a three-month sabbatical in...
- ALEX BRUMMER: What you can learn from MY investing...
- CITY WHISPERS: De Beers hangs on to the artworks in Anglo...
- Five reasons to steer clear of Tesla shares: Though it's...
- The bold moves you can make NOW to keep your pension out...
- Capita to announce new tie-up with Amazon Web Services to...
- Stock Exchange's boss JULIA HOGGETT admits she is privileged
- New hope on three continents after leaders elected in...
- HAMISH MCRAE: Never mind the Election - cut interest rates!
- Scrap share tax, says Abrdn boss: Investors DO back UK...
- British Fashion Council warns Shein's planned £50bn float...
- Stop the £40bn bank interest racket: Calls from across...
- ALLIANCE TRUST: The 'dividend hero' that's poised to...
- MIDAS SHARE TIPS UPDATE: Our private equity stock tip is...
- MIDAS SHARE TIPS: Silver is making its mark as global...
- Our father died seven years ago, why are we still waiting...
- JEFF PRESTRIDGE: Cash in on the super ATMs of the future
- What does it take to win the Premium Bonds - and is it...