Kier Share News (KIE)

(Sharecast News) - Kier Group has cut the pay of all its 6,500 employees, including the board and top executives, for three months in response to the coronavirus crisis.
The construction and infrastructure company said trading in 2020 was in line with board expectations and that about 80% of its sites were operating.

Kier said it was taking extra measures to operate efficiently in light of Covid-19 pandemic. Its 6,500 employees will take pay cuts of between 7.5% and 25% of base salaries and fees for three months starting on 1 April. The pay cuts will include the company's board and executive committee.

Kier will also bring forward the closure of its head office at Tempsford Hall, Bedfordshire, to 30 April. It has put the sale of its Kier Living business on hold along with a review of the company's property business.

The company, which maintains roads and hospitals, repairs utilities infrastructure and builds schools, said more than 80% of its work was for the government, its agencies or regulated entities. Kier said its cost cutting programme was on track to achieve at least ?65m of savings for the year to the end of June 2021.