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Kier Group PLC on Thursday reported that its revenue and profit was in line with market expectations in its recently ended financial year. The Manchester, England-based construction firm said revenue and profit for its year ended June 30 was in line with expectations, and that the year-end order book was above £10.0 billion. Kier Group noted that there was strong growth in construction in the second half of the year. The company said financial 2023 net cash was above expectations at £60 million, at an average net debt of £230 million, and that it had already secured 85% of revenue for financial 2024. ‘The group’s financial 2023 results are anticipated to be in line with the board’s expectations, reflecting a strong operational performance despite inflationary pressure. The company remains confident it can continue to mitigate these pressures going forward,’ Kier Group said. Chief Executive Andrew Davies said: ‘The group has delivered another year of strong operational and cash performance. We have now completed the second year of our medium-term value creation plan.’ Kier Group said it was expected to generate a positive adjusted operating cash flow for its year, significantly above the company’s previous expectations. The company anticipates a net cash position of around £60 million at the end of the year, from £2.9 million and above its expectations. ‘We have also strengthened our balance sheet and grown our order book despite the uncertainty in the wider economy. These factors give the Board confidence in the continued success of the group.’ Shares in Kier Group were up 5.4% at 88.75 pence in London on Thursday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved
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