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New Kier CEO launches strategic review to cut debt

Mon, 15th Apr 2019 12:37

(Sharecast News) - Construction group Kier said on Monday that new chief executive Andrew Davies will lead a strategic review to improve cash generation and reduce leverage.

Kier, which also confirmed that Philip Cox has resumed the role of non-executive chairman, said the review will look at the allocation of resources and consider ways to further simplify the business and create a more focused company.

"This review will build on work that has been undertaken by the Board in recent months and is in addition to the previously announced Future Proofing Kier programme," it said.

The findings of the review will be announced in July.

In its half-year results back in March, Kier said average month-end net debt for the period rose to 430m from around 350m in the first half of 2017.

At 1235 BST, the shares were up 7.7% at 374.78p.

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