Business
Full Year Results for the year ended 30 June 2023
Full Year Results for the year ended 30 June 2023.
About this update from Kier Group Plc
[{"type":"text","content":"\n\n14 September 2023\nKier Group plc\nStrong financial performance and significantly improved cash generation:\nintention to return to the dividend list in FY24\nKier Group plc (\"Kier\", the \"Company\" or the \"Group\"), a leading UK infrastructure services, construction and property group, announces its results for the year ended 30 June 2023 (\"FY23\" or the \"year\").\n\n\n\n\nHighlights\n\n\n\n\n(£m unless otherwise stated)\n\n\nYear to\n30 June 20231\n\n\nYear to\n30 June 20221\n\n\nChange\n\n\n\n\nAdjusted results\n\n\n \n\n\n\n\n\n \n\n\n\n\nRevenue2\n\n\n3,405.4\n\n\n3,256.5\n\n\n4.6%\n\n\n\n\nAdjusted operating profit3\n\n\n131.5\n\n\n120.5\n\n\n9.1%\n\n\n\n\nAdjusted operating margin\n\n\n3.9%\n\n\n3.7%\n\n\n20bps\n\n\n\n\nAdjusted profit before tax4\n\n\n104.8\n\n\n94.1\n\n\n11.4%\n\n\n\n\nAdjusted basic earnings per share (note 9)\n\n\n19.2p\n\n\n16.8p\n\n\n14.3%\n\n\n\n\nNet cash5\n\n\n64.1\n\n\n2.9\n\n\n2,110.3%\n\n\n\n\nAverage month-end net debt\n \n\n\n(232.1)\n\n\n(216.1)\n\n\n(7.4)%\n \n\n\n\n\nStatutory reported\n\n\n \n\n\n\n\n\n \n\n\n\n\nGroup revenue\n\n\n3,380.7\n\n\n3,143.9\n\n\n7.5%\n\n\n\n\nProfit from operations\n\n\n81.5\n\n\n45.1\n\n\n80.7%\n\n\n\n\nProfit before tax\n\n\n51.9\n\n\n15.9\n\n\n226.4%\n\n\n\n\nBasic earnings per share (note 9)\n\n\n9.5p\n\n\n2.9p\n\n\n227.6%\n\n\n\n\n1Continuing operations\n2Revenue of the Group and its share of revenue from joint ventures\n3 Stated before adjusting items of £30.8m (FY22: £55.7m) and amortisation of acquired intangible assets of £19.2m (FY22: £19.7m).\n4 Stated before adjusting items of £33.7m (FY22: £58.5m) and amortisation of acquired intangible assets of £19.2m (FY22: £19.7m).\n5 Disclosed net of the effect of hedging instruments and excludes leases - see note 12 to the preliminary financial statements.\n \nFY23 Highlights \n· Strong financial performance despite ongoing inflationary pressures\n \no Revenue growth of 4.6% driven by strong operational delivery \no Adjusted operating profit increased 9.1% to £131.5m (FY22: £120.5m)\no Adjusted operating margin at 3.9%, ahead of the medium-term target of c.3.5%\no Adjusted basic EPS: 19.2p (FY22: 16.8p), up 14.3%\no Reported profit from operations increased 80.7% to £81.5m (FY22: £45.1m)\no Free Cash Flow of £132.3m, driven by an ...