Kier: The beginning of the end or the end of the beginning?

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Comparisons with Carillion and Interserve only hardened when Kier posted a £245m pre-tax loss — but some see a good business that can rebuild

“The main gist of this is that the business is going to survive.â€

Stephen Rawlinson, analyst with Applied Value, is running the rule over last week’s numbers from Kier. They weren’t pretty. It racked up £341m of exceptional items which helped send it tumbling from a £106m pre-tax profit in 2018 to a £245m pre-tax loss this time around. Chief executive Andrew Davies admitted: “It’s not a good set of results.â€

But Rawlinson’s comments chime with most analysts’ thinking: that while the numbers are bloody, it could have been worse.

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