Business
Full Year 2023 Trading Update
Full Year 2023 Trading Update.
About this update from Kier Group Plc
[{"type":"text","content":"\n\n20 July 2023\nKier Group plc\n \nFull Year 2023 Trading Update\n \nKier Group plc (\"Kier\" or \"the Group\"), a leading infrastructure services, construction and property group issues a trading update for the year ended 30 June 2023, ahead of publishing Full Year 2023 (\"FY23\") results on 14 September 2023.\n \nHighlights\n \n· Year end order book continues to be above £10bn\n· Revenue and profit expected to be in line with expectations\no Strong growth in Construction in the second half of the year\n· Year end net cash position will be significantly above expectations at c.£60m\n· Average net debt will be better than expectations at c.£230m\n· Pension scheme triennial valuation agreed resulting in materially decreased deficit payments\n· c. 85% of revenue for FY24 already secured\n \nTrading\n \nThe Group's FY23 results are anticipated to be in line with the Board's expectations, reflecting a strong operational performance despite inflationary pressure. The company remains confident it can continue to mitigate these pressures going forward.\n \nOrder Book\n \nThe Group's core markets remain strong and the year-end order book continues to be above £10bn. Kier has won new, high quality and profitable work in its markets reflecting the bidding discipline and risk management embedded in the business.\n \nLong term framework positions are excluded from the order book and represent an additional opportunity.\n \nRecent awards include:\n \n· Construction - appointed to the £5.1bn Strategic Alliance Contract in relation to the Defence Estate Optimisation (\"DEO\") Portfolio by the Ministry of Defence; re-appointed to the £4.5bn Southern Construction Framework\n \no Kier Places - appointed by L&Q for its Major Works Investment Programme to deliver housing maintenance across its estate\n \n· Property - started work on site at our Trade City scheme in Manchester\n \nGiven the nature of our business, c. 85% of revenue for FY24 is already secured which provides us with a good level of certainty against a backdrop of wider market uncertainty.\n \nPension scheme\n \nDuring the year the Group agreed the triennial valuat...