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Interim Results

Kier underlying profits rise

23 March 2017 07:17

Kier's underlying pre-tax profits rose by 12% to £46.3m in the six months to the end of December and the group has established a joint venture with CKH Developments, a housing association and care services provider which principally operates in the east of England.

The group also announced that Phil White would retire as chairman and step down from the board with effect from the conclusion of the annual general meeting on 17 November.

He will be succeeded by Philip Cox, who is the chairman of Drax Group plc, the FTSE 250 energy group, and Global Power Generation, a joint venture between Gas Natural Fenosa and the Kuwait Investment Authority.

Cox will retire as the chairman of GPG by 10 September 2017.

Kier said financial highlights were: - Order book of approximately £9bn reflecting strong pipeline conversion in regional building and highway services;

- Forecast revenue in Construction and Services 100% secured for year to June 2017; approximately 70% secured for year to June 2018;

- Underlying operating profit of £56.5m, 4% organic growth on 2015;

- Net debt of £179m ahead of expectations and expected to be maintained at 1x EBITDA for the full year;

- Portfolio simplification;

- Profit on disposal of Mouchel Consulting of £39m; · Provision for winding down of the Caribbean operations and final account negotiations of £33m;

- Basic earnings per share of 38.9p (December 2015: 34.9p), up 11%, in line with Vision 2020 goals;

- Interim dividend of 22.5p up 5%;

- On track with Vision 2020 goals.

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