Contractor says order book stands at nearly 拢11bn
Kier has said its average month-end net debt halved to 拢115m last year.
In a trading update this morning, the firm said the level was down from the 拢232m figure for the previous year while its net cash position at its year-end was 拢165m 鈥� up from the previous year鈥檚 figure of 拢64m.
It said its order book at the end of June stood at 拢10.8bn with 85% of its workloads for 2025 already secured.
Chief executive Andrew Davies said: 鈥淭he group has had a strong year with volume and profit growth, increased orders and material deleveraging. We have enhanced our resilience and strengthened our financial position in line with the objectives set out in our medium-term value creation plan. Our order book remains strong and provides us with multi-year revenue visibility.鈥�
Kier, which will build a new 拢200m prison in Devon called HMP Channings Wood, said its results for the year to June would be in line with expectations when they are published on 12 September.
Earlier this year, Kier paid its first dividend since Davies became chief executive five years ago when it handed shareholders a payment of 1.67p per share at the end of May.
The last dividend was announced in March 2019 鈥� a month before Davies took the top role 鈥� but the firm parked payments as it took steps to fix its balance sheet and crippling debt pile.
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