Business
Results for the period ended 31 December 2023
Results for the period ended 31 December 2023.
About this update from Kier Group Plc
[{"type":"text","content":"\n\n7 March 2024\nKier Group plc\nResults for the period ended 31 December 2023\nStrong operational performance; Material debt reduction; Dividend resumed\nKier Group plc (\"Kier\", the \"Company\" or the \"Group\"), a leading UK infrastructure services, construction and property group, announces its results for the six months ended 31 December 2023 (\"HY24\" or the \"period\").\n\n\n\n\n \nHighlights\n\n\n\n\n(£m unless otherwise stated)\n\n\nSix months to\n31 December\n20231\n\n\nSix months to\n31 December\n20221\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\n1,883\n\n\n1,537\n\n\n23%\n\n\n\n\nAdjusted operating profit3\n\n\n64.7\n\n\n57.2\n\n\n13%\n\n\n\n\nAdjusted operating margin\n\n\n3.4%\n\n\n3.7%\n\n\n(30)bps\n\n\n\n\nAdjusted profit before tax4\n\n\n49.0\n\n\n45.8\n\n\n7%\n\n\n\n\nAdjusted basic earnings per share (note 9)\n\n\n8.7p\n\n\n8.5p\n\n\n2%\n\n\n\n\nNet cash / (debt)5\n\n\n17.0\n\n\n(130.6)\n\n\n113%\n\n\n\n\nAverage month-end net debt\n \n\n\n(136.5)\n\n\n(242.7)\n\n\n44%\n \n\n\n\n\nStatutory reported\n\n\n \n\n\n\n\n\n \n\n\n\n\nGroup revenue\n\n\n1,862\n\n\n1,526\n\n\n22%\n\n\n\n\nProfit from operations\n\n\n44.1\n\n\n38.3\n\n\n15%\n\n\n\n\nProfit before tax\n\n\n27.0\n\n\n25.4\n\n\n6%\n\n\n\n\nBasic earnings per share (note 9)\n\n\n4.6p\n\n\n4.7p\n\n\n(2)%\n\n\n\n\nInterim dividend per share\n\n\n1.67p\n\n\n-\n\n\n-\n\n\n\n\n1 Continuing operations\n2 Revenue of the Group and its share of revenue from joint ventures\n3 Stated before adjusting items of £9.5m (HY23: £9.1m) and amortisation of acquired intangible assets of £11.1m (HY23: £9.8m).\n4 Stated before adjusting items of £10.9m (HY23: £10.6m) and amortisation of acquired intangible assets of £11.1m (HY23: £9.8m).\n5 Disclosed net of the effect of hedging instruments and excludes leases - see note 13 to the preliminary financial statements.\n \nHY24 Highlights \n \n· Revenue growth and improved profitability driving material deleveraging\n \no Revenue growth of 23% driven by Infrastructure Services and Construction\no Adjusted operating profit increased 13% to £64.7m (HY23: £57.2m)\no Adjusted operating margin at 3.4%, in-line with the medium-term target\no Adjusted basic EPS: 8.7p (HY23: 8.5p), up 2%\no Reported profit from operations increased...