Kier Group PLC - Manchester-headquartered construction firm - Posts pretax loss for financial year ended June 30 of GBP225.3 million, narrowed from GBP229.5 million a year prior. This is despite revenue falling 13% to GBP3.42 billion from GBP3.95 billion, with the pandemic reducing the amount of work the business is able to undertake in the last three months of the financial year. However, cost-saving measures allow for the improved financial performance. On an adjusted basis, pretax profit is GBP16.9 million, down from GBP61.4 million in financial 2019.
Average month-end net debt was GBP310.3 million, up from GBP167.2 million the year before.
Looking ahead, Chief Executive Andrew Davies says: "Whilst the group anticipates that the effects of Covid-19 will continue, the strategic actions being implemented by the new senior management team are designed to ensure Kier is well placed to benefit from the proposed substantial increase in UK infrastructure investment. We have a strong order book, and the current year has started in line with our expectations."
Order book as at June 30 is GBP7.9 billion, flat on a year before.
Current stock price: 60.90 pence
Year-to-date change: down 37%
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Kier (KIE)