Kier Group PLC Trading Update (9553Z)
January 16 2020 - 2:00AM
UK Regulatory
TIDMKIE
RNS Number : 9553Z
Kier Group PLC
16 January 2020
16 January 2020
Kier Group plc
Trading update
Kier Group plc ("the Group") issues an update on trading for the
period from 15 November 2019 (the date of its AGM trading update)
to 31 December 2019 ("the period") and certain other developments
during the period.
Trading
Trading for the period was in line with the Board's
expectations. The Group continues to be awarded new contracts
across the markets in which it operates, including being appointed
to all 20 lots of the four-year GBP8bn Procure Partnerships
Framework in November 2019.
Net debt
The Group continued to manage its net debt closely during the
period. The Group's average month-end net debt for the six-month
period to 31 December 2019 was in line with the Board's
expectations.
FY2020 interim results
Under its new leadership team, the Group will bring forward the
date on which it announces its results for the six-month period
ended 31 December 2019 from 19 March 2020 to 5 March 2020.
Strategic actions
The Group continues to make good progress with respect to its
office closures, the outsourcing of certain functions and the
reduction in headcount. The Group expects to deliver a headcount
reduction of c.1,200 by 30 June 2020 and annual cost savings of at
least GBP60m in the financial year ending 30 June 2021 and is
reviewing further cost optimisation opportunities.
The Group continues to progress the disposal of Kier Living, its
housebuilding business, and to evaluate the options for its
Property business.
Chairman
As announced on 16 December 2019, Matthew Lester was appointed
as Chairman of the board of directors ("the Board") with effect
from 1 January 2020, replacing Phillip Cox who stood down as
Chairman and from the Board on that date.
Andrew Davies, Chief Executive, commented:
"The work to re-shape the Group continues through the careful
execution of our strategic priorities and efforts to significantly
reduce the Group's cost base. The Group is performing in line with
our expectations and we continue to win work from our
customers."
- ENDS -
For further information, please contact:
+44 (0)1767 355
Kier press office 096
Richard Mountain / Nick Hasell, +44 (0)203 727
FTI Consulting 1340
This announcement does not constitute an offer of securities by
Kier Group plc (the "Company"). Nothing in this announcement is
intended to be, or intended to be construed as, a profit forecast
or a guide as to the performance, financial or otherwise, of the
Company or any of its subsidiaries (together, the "Group") whether
in the current or any future financial year. 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 2019 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-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
TSTGPUBCGUPUGBA
(END) Dow Jones Newswires
January 16, 2020 02:00 ET (07:00 GMT)
Kier (LSE:KIE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kier (LSE:KIE)
Historical Stock Chart
From Jul 2023 to Jul 2024