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Kier Group Cuts 2019 Underlying Operating Profit Outlook

Kier Group plc (KIE.L) said it currently expects that underlying operating profit for fiscal year 2019 will be about 25 million pounds lower than previous expectations. It projects annual revenue will be broadly in line with revenue for the 2018 financial year.

The Group said it continues to experience volume pressures within its Highways, Utilities and Housing Maintenance businesses. In addition, it is expected that the Buildings business' revenue growth for 2019 will be lower than earlier expectations.

The company projects the net costs associated with the FPK programme for 2019 to be about 15 million pounds higher than previously forecast. It reflected an acceleration of the programme following the appointment of Andrew Davies as Chief Executive. The net costs are in addition to the 25 million pounds reduction in operating profit.

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