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Kier Group Says Trading In Line With View; COO Claudio Veritiero Resigns

Construction, services and property group Kier Group Plc (KIE.L) Friday said it is trading in line with the Board's expectations.

Further, the company said Chief Operating Officer Claudio Veritiero will stand down from the Board and leave the business with immediate effect. The COO responsibilities will be assumed by the Chief Executive and the Chief Financial Officer.

The company also noted that Adam Walker, who joined the Board on January 1, 2016, has informed the Board of his intention to step down from the Board with effect from December 31.

Justin Atkinson, the Senior Independent Non-Executive Director, will then assume the role of Chair of the Risk Management and Audit Committee until a successor to Walker has been appointed.

The process to appoint a new Chairman is ongoing.

In its Annual General Meeting trading update, the company said it has received about 1 billion pounds of new contracts since June 30. The company has been appointed to a number of frameworks, including the 30 billion pounds Construction Works and Associated Services framework for the Crown Commercial Service.

Further, the company continues to focus on operational cash generation, with working capital and net debt both in line with the Board's expectations.

Kier Group added that it remains on course to deliver a headcount reduction of about 1,200 by June 30, 2020 and annual cost savings of at least 55 million pounds in the financial year ending June 30, 2021.

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