{"id":63484,"date":"2019-09-19T09:48:47","date_gmt":"2019-09-19T08:48:47","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=63484"},"modified":"2019-09-19T09:48:47","modified_gmt":"2019-09-19T08:48:47","slug":"kier-2019-loss","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/kier-2019-loss\/63484\/","title":{"rendered":"Kier drops to \u00a3245m loss"},"content":{"rendered":"

Struggling contractor, Kier<\/a> has reported a full-year loss of \u00a3245m, as it pushes ahead with restructuring despite uncertainty over its financial health<\/h2>\n

Kier said it had \u201cexperienced a difficult year\u201d after it launched a \u00a3250m rights issue in December 2018<\/a> to boost its balance sheet.<\/p>\n

Today (19 September), Kier has reported a pre-tax loss of \u00a3245m, a stark difference from its profit of \u00a3106m the previous year.<\/p>\n

Largely related to the restructuring<\/a>, the contractor reported charges of \u00a3341m. Revenue fell from \u00a34.24bn to \u00a34.12bn, while its net debt was \u00a3167m, compared with \u00a3186m the year previously.<\/p>\n

Commenting on the results, Andrew Davies, chief executive, said: “Kier experienced a difficult year, resulting in a disappointing financial performance.<\/p>\n

\u201cHowever, we are building firm foundations for the future: we have a new management team in place, we have defined our strategic priorities and we are taking decisive actions to deliver them.<\/p>\n

\u201cWe have a strong order book, reflecting the strength of the underlying business, the quality of our people and the Group’s capabilities.<\/p>\n

\u201cThe sale of Kier Living is progressing well and we are exploring options to accelerate the release of capital from our Property business.<\/p>\n

\u201cThe re-shaping of the group is designed to reduce its overall indebtedness during FY2020 and to restore Kier to robust financial health.”<\/p>\n

In its full-year statement, Kier added that it does not expect revenues to increase in its next financial year, as the broader market environment including Brexit may lead to delays in decision making by clients.<\/p>\n

\u201cBrexit has the potential to disrupt the group\u2019s operations, particularly in relation to materials, people and the supply-chain.<\/p>\n

\u201cThe group has established a ‘Brexit task force’ and\u00a0has in place\u00a0business continuity plans to mitigate the risks associated with Brexit,\u201d it said.<\/p>\n

Kier also announced that chairman Philip Cox would be stepping down after just over two years in his position.<\/p>\n

\u201cThe search process for Mr Cox’s successor as chairman has commenced,\u201d it said.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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