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Kier H1 Profit Before Tax Rises While Revenue Drops

British construction and infrastructure services company Kier Group plc (KIE.L) on Monday said its profit before tax for the six months to 31 December 2021 increased to 12.7 million pounds from 9 million pounds in the same period a year ago.

Adjusted profit before tax for the six-month period was 43 million pounds compared with 27.8 million pounds last year.

Profit for the six months decreased to 25.3 million pounds or 2.2p per share from 28.8 million pounds or 3.8p per share a year earlier.

Adjusted profit rose to 54.2 million pounds or 7.8p per share from 47.6 million pounds or 10.4p per share prior year.

Revenue for the period declined to 1.536 billion pounds from 1.624 billion pounds last year.

Revenue, excluding JV's was 1.482 billion pounds compared with 1.617 billion pounds last year.

Kier said its net debt has been reduced to 131.3 million pounds six months, from 353.5 million pounds during the same period last year.

Looking forward, the company has provided its medium-term targets for revenue in the range of 4 billion pounds- 4.5 billion pounds and adjusted operating profit margin of nearly 3.5%.

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