(Alliance News) - Kier Group PLC said Friday trading since the end of June has been in line with expectations as it continues to win contracts and cut costs, whilst a number of board and executive changes were announced.
Making the comments ahead of its annual general meeting, the construction firm said since its financial year end in June it has secured GBP1 billion worth of new contracts. The firm has also been appointed to a number of frameworks, including a GBP30 billion construction framework for the Crown Commercial Service.
Kier added it remained on track to deliver 1,200 job cuts by June 2020 and annual cost savings of at least GBP55 million by the end of June 2021. The firm has agreed to outsource its IT and fleet management business and is looking to exit a number of its offices.
Chief Operating Officer Claudio Veritiero has stood down with immediate effect, with all operating chief responsibilities being assumed by the chief executive and chief financial officers.
In addition, Non-Executive Director Adam Walker will stand down at the end of December. Kier added the search for a new chair was still ongoing after current incumbent Philip Cox announced in September his intention to leave once a replacement was appointed.
"We continue to build the foundations for the future of the group through the execution of our strategic priorities," Chief Executive Andrew Davies said. "Our core businesses are performing in line with our expectations and we continue to win work from a number of our major clients, whilst significantly reducing the group's overheads and costs."
Shares in Kier were 1.5% higher at 88.96 pence in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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Kier (KIE)