Kier Group PLC Post-close update (5178H)
August 01 2019 - 2:02AM
UK Regulatory
TIDMKIE
RNS Number : 5178H
Kier Group PLC
01 August 2019
1 August 2019
Kier Group plc
Post-close update
Kier Group plc ("Kier" or the "Group") today provides an update
on net debt, trading and strategic initiatives, following the close
of its 2019 financial year.
Net debt
As at 30 June 2019, the Group's net debt was GBP167 million. Its
average month-end net debt for the 2019 financial year was GBP422
million, at the lower end of previous guidance of GBP420-450
million.
The Group reported average payment days to its supply chain
partners of 41 for the second half of the 2019 financial year, a
significant reduction from 57 days for the first half of the year,
whilst maintaining significant liquidity headroom.
Trading update
Trading in the Group's Infrastructure Services and Buildings
divisions has remained resilient. However, the Group's turnover for
the 2019 financial year is anticipated to be approximately GBP100
million lower than for the 2018 financial year, principally as a
result of property and land-led transactions which did not complete
in June 2019, which will have an impact on the Group's
profitability broadly in line with its historic gross margins.
Strategic initiatives
The Group continues to make progress against the strategic
initiatives announced on 17 June 2019. The Group has received
significant interest in Kier Living, its housebuilding division,
and has commenced the sale process for this business.
2019 results announcement
Kier will publish the results for its 2019 financial year on 19
September 2019.
- E N D S -
For further information, please contact:
+44 (0)20 3208
6059
Cynthia Alers, Investor Relations +44 (0)1767
Kier Press Office 355 096
+44 (0)20 3727
Richard Mountain/Nick Hasell, FTI Consulting 1340
This announcement contains inside information for the purposes
of Market Abuse Regulation (Regulation (EU) No. 596/2014). The
person responsible for making this announcement on behalf of Kier
is Hugh Raven, General Counsel and Company Secretary.
This announcement does not constitute an offer of securities by
Kier Group plc (the "Company" and, together with its subsidiaries,
the "Group"). This announcement may include statements that are, or
may be deemed to be, "forward-looking statements". By their nature,
forward-looking statements involve risks and uncertainties because
they relate to events and depend on circumstances that may or may
not occur in the future and may be beyond the Company's or the
Group's ability to control or predict. Forward-looking statements
are not guarantees of future performance. You are advised to read
the section headed "Principal risks and uncertainties" in the
Company's Annual Report and Accounts for the year ended 30 June
2018 and the section of the Company's rights issue prospectus dated
30 November 2018 entitled "Risk factors" for a further discussion
of the factors that could affect the Company's or the Group's
future performance and the industry in which it operates. Other
than in accordance with its legal or regulatory obligations, the
Company does not accept any obligation to update or revise publicly
any forward- any forward-looking statement, whether as a result of
new information, future events or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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