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Wed February 24 2021

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Kier expecting to show some improvement

19 Jan Kier says that it has not lost as much money as usual in the last six months.

Kier said that its half-year results for the six months to 31st December 2020 would be ‘materially better’ than the previous year.

In recent years Kier has made an interim pre-tax loss of £45.3m (2018) and £41.2m (2019).

In a trading update the board said that the group performed well in the first half and expects to deliver half-year results slightly above previous expectations.

Despite the Covid-19 restrictions, site productivity had improved through the period and the work was coming in, including an eight-year maintenance contract worth £200m with Transport for London, which Kier has secured just this month.

At the same time, the efficiency drive continues. “The group now expects to deliver at least £105m of annualised cost savings by the end of FY21, through self-help measures. The Group continues to review its cost base to identify additional cost saving measures,” the board said.

Still no firm news on the sale of Kier Living, the house-building division, which has been on the block for more than 18 months, other than that the divestment it “continues to make progress”.

Kier's half-year results are expected to be released on 5th March 2021.

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