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19 Sep 2019 | 08:26

Kier announces full year results; moves to a loss

Kier announced its full years with profits of last year at £88.m falling to a loss of £209.2m in 2019. Earnings per share fell from 87.3 to a loss of 158.5p.

In December 2018, a £250m rights issue was undertaken to strengthen the balance sheet with a new management team appointed.

There was also a re-shaping of the Group to reduce net debt.Borrowings were reduced from £524.9m to £473.6m.

In FY2019, the Group reported charges of £341m, with amortisation of acquired intangible assets at £24.8m, and costs relating to the preparation of businesses for sale £172m.

Commenting on the results, Andrew Davies, Chief Executive, said:

'Kier experienced a difficult year, resulting in a disappointing financial performance. However, we are building firm foundations for the future: we have a new management team in place, we have defined our strategic priorities and we are taking decisive actions to deliver them.'

'We have a strong order book, reflecting the strength of the underlying business, the quality of our people and the Group's capabilities. The sale of Kier Living is progressing well and we are exploring options to accelerate the release of capital from our Property business. The re-shaping of the Group is designed to reduce its overall indebtedness during FY2020 and to restore Kier to robust financial health.'

At 8:26am: (LON:KIE) Kier Group PLC share price was -14.45p at 117.65p

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