Kier Group, saw its share price rise sharply in early morning trading after posting a positive business update.
The property, residential, construction and services group, saw its share price climb over 12% to 1083.70.
Kiers is one of a number of companies that is set to benefit from the collapse of infrastructure giant Carillon.
Only this week Kier took on around 200 former employees of Carillion’s as it assumed responsibility for work on UK motorways and the HS2 rail line.
Kier and Eiffage have taken over responsibility for the HS2 joint venture and Kier is assuming full responsibility for the Highways England smart motorways schemes on which it had been working in joint venture with Carillion. Kier insisted both contracts were performing well, both operationally and financially.
Following the collapse of Carillion, City analysts such as Peel Hunt were quick to tip Kier as a potential beneficiary of Carillion’s fall. Kier’s share price rose 6% following the Carillion announcement and today’s share price rise continued the upward momentum.