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Kier Turns To Pre-tax Profit In FY21, Revenues Down; Expects To Deliver Medium Term Outlook

Kier Group Plc (KIE.L), an infrastructure services and construction company, reported Thursday that its fiscal 2021 profit before tax was 5.6 million pounds, compared to last year's loss of 225.3 million pounds.

On a per share basis, total loss was 0.1 pence, compared to loss of 135.5 pence last year. Earnings per share from continuing operations were 11.4 pence, compared to loss of 85.3 pence last year.

Adjusted profit before tax was 65.4 million pounds, compared to 16.9 million pounds a year ago. Adjusted basic earnings per share were 25.0 pence, compared to prior year's 12.2 pence.

Group revenue declined to 3.26 billion pounds from 3.42 billion pounds last year. Adjusted revenue was 3.33 billion pounds, compared to 3.48 billion pounds a year ago.

Looking ahead, the company said it is focused on delivering medium term value creation plan, with revenue expected to be between 4 billion pounds and 4.5 billion pounds, and adjusted operating profit margin of about 3.5%.

Andrew Davies, Chief Executive, said, "Current trading is in line with our expectations, and despite inflationary pressures and the impact of increased national insurance contributions, our outlook for the current year remains unchanged. We are now focused on delivering our medium term value creation plan by leveraging our attractive market positions, delivering our high-quality order book and fostering our long-term customer relationships and sector expertise."

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