Business
Results for the six months ended 31 December 2018
Results for the six months ended 31 December 2018.
About this update from Kier Group Plc
[{"type":"text","content":"\n \nRNS Number : 4115T Kier Group PLC 20 March 2019 \n\n \n20 March 2019\n \nKier Group plc, a leading infrastructure services, buildings and developments & housing group, announces its results for the six months ended 31 December 2018\n \n \n\n\n\n\nUnderlying1,4\n\n\n\n\n \n\n\nSix months ended 31 December 2018\n\n\nSix months ended 31 December 20172\n\n\nChange\n%\n \n\n\n\n\nRevenue3\n\n\n£2,201.5m\n\n\n£2,149.9m\n\n\n+2\n\n\n\n\nProfit from operations\n\n\n£51.8m\n\n\n£60.6m\n\n\n-15\n\n\n\n\nOperating margin\n\n\n2.4%\n\n\n2.8%\n\n\n \n\n\n\n\nProfit before tax\n\n\n£39.0m\n\n\n£49.4m\n\n\n-21\n\n\n\n\nBasic earnings per share\n\n\n30.8p\n\n\n40.9p\n\n\n-25\n\n\n\n\nNet debt\n\n\n£180.5m\n\n\n£238.5m\n\n\n \n\n\n\n\nStatutory\n\n\n\n\n \n\n\nSix months ended 31 December 2018\n\n\nSix months ended 31 December 20172\n\n\nChange\n%\n \n\n\n\n\nGroup revenue\n\n\n£2,064.7m\n\n\n£2,007.3m\n\n\n+3\n\n\n\n\n(Loss)/profit from operations\n\n\n£(20.9)m\n\n\n£48.1m\n\n\n \n\n\n\n\n(Loss)/profit before tax\nBasic earnings per share \nInterim dividend per share\n\n\n£(35.5)m\n(28.9)p\n4.9p\n\n\n£34.3m\n28.7p\n23.0p\n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n \n \n \n \n \n\n\n\n \nFinancial summary\n· Revenue of £2.2bn (H1 FY18: £2.1bn)\n· Underlying operating profit of £51.8m (H1 FY18: £60.6m), after £10m net costs from the Future Proofing Kier programme \n· Non-underlying charges of £59.9m \n· Net debt position as at 31 December 2018 of £180.5m (December 2017: £238.5m)\n· Average month-end net debt for the period of £430m (H1 FY18: c.£350m)\n· Rights issue completed in December 2018 to strengthen the balance sheet \n· Basic earnings per share of 30.8p (H1 FY18: 40.9p)5\n· Interim dividend of 4.9p.5\n \nFuture Proofing Kier (FPK) programme\n· Delivered savings of £4m, with implementation costs of £14m, in H1 FY19\n· FY19 forecast to be earnings and cash flow neutral\n· Net savi...