Business
Post-close update
Post-close update.
About this update from Kier Group Plc
[{"type":"text","content":"\n \nRNS Number : 5178H Kier Group PLC 01 August 2019 \n\n1 August 2019\n \nKier Group plc\n \nPost-close update \n \nKier Group plc (\"Kier\" or the \"Group\") today provides an update on net debt, trading and strategic initiatives, following the close of its 2019 financial year. \n \nNet debt \nAs at 30 June 2019, the Group's net debt was £167 million. Its average month-end net debt for the 2019 financial year was £422 million, at the lower end of previous guidance of £420-450 million. \n \nThe Group reported average payment days to its supply chain partners of 41 for the second half of the 2019 financial year, a significant reduction from 57 days for the first half of the year, whilst maintaining significant liquidity headroom.\n \nTrading update\nTrading in the Group's Infrastructure Services and Buildings divisions has remained resilient. However, 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. \n \nStrategic initiatives\nThe Group continues to make progress against the strategic initiatives announced on 17 June 2019. The Group has received significant interest in Kier Living, its housebuilding division, and has commenced the sale process for this business. \n \n2019 results announcement\nKier will publish the results for its 2019 financial year on 19 September 2019.\n \n- E N D S -\n\n\n\n\n \n For further information, please contact: \n\n\n \n\n\n\n\nCynthia Alers, Investor Relations\nKier Press Office \n\n\n+44 (0)20 3208 6059\n+44 (0)1767 355 096\n\n\n\n\nRichard Mountain/Nick Hasell, FTI Consulting \n\n\n+44 (0)20 3727 1340\n \n\n\n\n\n \nThis announcement contains inside information for the purposes of Market Abuse Regulation (Regulation (EU) No. 596/2014). The person responsible for making this announcement on behalf of Kier is Hugh Raven, General Counsel and Company Secretary.\n \nThis announcement does not constitute an offer of securities by Kier Group plc (the \"Company\" and, togethe...