An upbeat annual statement from Kier Group - the construction firm responsible for the £39 million redevelopment of Birmingham's No 1 Colmore Square - failed to impress the stock market yesterday.
Shares in the group fell 8p after chief executive John Dodds told shareholders at the group's annual meeting that prospects in Kier's markets were good and that the group had made a strong start to the new financial year.
"Our construction businesses have continued their strong performance in the first quarter of the year," he said.
" Cash generation has remained good since the financial year-end with month end balances exceeding those at 30 June 2005.
"Order books continue at healthy levels and there remains a strong pipeline of opportunities supporting our expectations for further growth in turnover this year."
He continued: "In support services a lengthy bid list is being actively pursued in the local authority building maintenance sector which will help us to continue to achieve our challenging growth targets.
"Our housebuilding business is selling from 18 per cent more outlets than last year.
"Demand for our homes has improved and visitor levels are ahead.
"Our unit completions and current forward order book, together, are 12 per cent ahead of last year, securing around 70 per cent of our projected unit sales for the current year and confirming the position for the half year."
Mr Dodds added: "Good opportunities are being pursued in property.
"Kier's businesses are in good shape and all of our markets are sound. We believe that prospects are good for further growth."