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03 Jun 2019 | 09:02

Kier warns on profits amid ongoing pressures in highways, utilities, housing maintenance businesses

Construction company Kier warned on profits, citing ongoing volume pressures within its highways, utilities and housing maintenance businesses. Kier now expected that 2019 revenue would be broadly flat year-on-year and underlying operating profit for the year would be about £25m lower than previous expectations, with group likely to report a net debt position as at 30 June 2019, which would have an adverse impact on its 2019 average month-end net debt position. Against the background of the revised guidance in respect of 2019, Kier said it would provide updated guidance for 2020 with its 2019 preliminary results announcement on 19 September 2019. The negative outlook comes as the company also revealed that the net costs of its turnaround programme for 2019 were now expected to be £15m higher than previously forecast, owing to an acceleration of the programme following the appointment of Andrew Davies as Chief Executive.

At 9:02am: (LON:KIE) Kier Group PLC share price was -110.1p at 168.1p

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