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01 Aug 2019 | 10:04

Kier Group warns of lower revenues

Kier Group said revenues were expected to fall by about £100m lower year-on-year in 2019, keeping a lid on growth. 'The Group's turnover for the 2019 financial year is anticipated to be approximately £100 million lower than for the 2018 financial year, principally as a result of property and land-led transactions which did not complete in June 2019, which will have an impact on the Group's profitability broadly in line with its historic gross margins, the company said. As at 30 June 2019, the group's net debt was £167m. Its average month-end net debt for the 2019 financial year was £422m, at the lower end of previous guidance of £420 to450m. The company said it had received significant interest in Kier Living, its housebuilding division, and had commenced the sale process for this business.

At 10:04am: (LON:KIE) Kier Group PLC share price was +25.68p at 87.33p

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