Plus   Neg

Kier Group Slips To Loss In FY19; Chairman Philip Cox To Retire - Quick Facts

Construction, services and property group Kier Group Plc (KIE.L) reported Thursday that its fiscal 2019 loss before tax was 245 million pounds, compared to last year's profit of 106 million pounds.

Loss per share was 158.5 pence, compared to earnings per share of 89.3 pence a year ago.

The latest results included charges of 341 million pounds, principally relating to preparing businesses for sale, restructuring and significant loss-making contracts.

Adjusted profit before tax was 98 million pounds, compared to 164 million pounds a year ago. Adjusted earnings per share were 58.2 pence, compared to 136.8 pence a year ago.

Group revenue declined to 4.12 billion pounds from 4.24 billion pounds in the previous year. Adjusted revenue was 4.49 billion pounds, down from 4.51 billion pounds last year.

The company's order book as of June 30 was 9.4 billion pounds, down from 9.8 billion pounds a year ago.

As announced on June 17, the company has suspended dividend for fiscal 2019 and 2020.

Looking ahead, Andrew Davies, Chief Executive, said, "Kier experienced a difficult year, resulting in a disappointing financial performance. However, 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.... The re-shaping of the Group is designed to reduce its overall indebtedness during FY2020 and to restore Kier to robust financial health."

Separately, Kier Group announced that its Chairman Philip Cox has informed the board of directors that he will retire as Chairman and step down from the Board once a successor has been appointed. The search process for Cox's successor has commenced.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT