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Wed November 20 2019

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Kier plans disposals

10 Jul 18 Kier Group is looking to offload non-core businesses and assets as part of an efficiency and streamlining programme.

The Future Proofing Kier initiative began in June to focus the business on three key market sectors: infrastructure services, buildings and developments & housing.

The plan is to dispose of non-core operations to reduce debt and exploit new technology to improve operating margins and cash generation.

“It is anticipated that material benefits will be realised in the financial year ending 30th June 2020 and beyond,” the company said today in a trading update to shareholders.  Further details will be revealed when the annual financial results are published on 20th September.

The board also disclosed that underlying profit and earnings would be in line with expectations, with year-end net debt in the range of £170m to £190m.

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