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Kier Group reports losses of £35m

by LLB Reporter March 20, 2019

written by LLB Reporter 20^th Mar 19 9:43 am

Troubled construction firm Kier Group has reported pre-tax losses of £35.5m for the six months to 31 December, compared to £34.3m the previous year.

Non-underlying charges of £59.9m were recorded, to include £25m hit from their redevelopment of Broadmoor hospital.

Pre-tax profits dropped 21% to £39m, while revenue for the period was up by 2% to £2.2bn.

Kier Group cost cutting programme has delivered saving of £4m, and net savings of £20m, anticipated for 2020.

Last week the group announced their debt was higher than previously thought to £180.5m, up from the £130m previously. An additional £40m had been misclassified in an accounting error.

Philip Cox, executive chairman said, “The group has a significantly strengthened balance sheet following the completion of the rights issue in December 2018.

“The board continues to focus on simplifying the group, improving cash flow generation and net debt reduction, and forecasts a net cash position at 30 June 2019.”