Business
Results for the six months ended 31 December 2019
Results for the six months ended 31 December 2019.
About this update from Kier Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 1127F\n Kier Group PLC\n 05 March 2020\n \n \n \n \n \n \n \n 5 March 2020\n \n \n \n \n \n \n \n \n Kier Group plc\n \n \n \n \n \n Results for the six months ended 31 December 2019\n \n \n \n \n \n Kier Group plc (the \"Company\" or the \"Group\"), a leading construction and infrastructure services company, announces its results for the six months ended 31 December 2019 (the \"period\").\n \n \n \n \n \n Key Points\n \n \n · \n Decisive management actions resulted in operating profit1 increasing by 3.4%2 on a like-for-like basis and margins of 2.5% (H1 2019: 2.0%)\n \n \n · \n Operating profit of £46.7m\n \n \n · \n Challenging market conditions impacted Group revenue; down by 9%\n \n \n · \n Cost savings of £23m delivered in the period\n \n \n · \n Statutory operating loss reduced to £(24)m\n \n \n · \n Net debt5 as at 31 December 2019 in line with expectations at £242m, with average month-end net debt falling to £395m\n \n \n · \n Kier Living disposal:\n \n \n o \n New management team in place from February 2020\n \n \n o \n Sale process is progressing\n \n \n · \n Performance Excellence programme launched\n \n \n \n \n \n \n \n \n \n Key Financial Highlights - Continuing Operations\n \n \n \n \n \n \n \n \n \n 6 months to 31 December 2019\n \n \n \n \n 6 months to 31 December 2018\n 3\n \n \n \n \n \n \n Before exceptional items\n \n \n \n \n \n \n \n \n \n \n \n \n Revenue (£m)\n 4\n \n \n \n \n 1,866\n \n \n \n \n 2,053\n \n \n \n \n \n \n Operating profit (£m)\n \n \n \n \n 46.7\n \n \n \n \n 41.9\n \n \n \n \n \n \n Operating margin\n \n \n \n \n 2.5%\n \n \n \n \n 2.0%\n \n \n \n \n \n \n Profit before tax (£m)\n \n \n \n \n 30.7\n \n \n \n \n 30.2\n \n \n \n \n \n \n Basic earnings per share (note 8) \n \n \n \n \n 15.0p\n \n \n \n \n 21.4p\n \n \n \n \n \n \n Net debt (£m)\n \n \n \n \n 242.5\n \n \n \n \n 180.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Statutory\n \n \n \n \n \n \n \n \n \n \n \n \n Group revenue (£m)\n \n \n \n \n 1,819\n \n \n \n \n 1,983\n \n \n \n \n \n \n (Loss) from operations (£m)\n \n \n \n \n (24.4)\n \n \n \n \n (32.5)\n \n \n \n \n \n \n (Loss) before tax (£m)\n \n \n \n \n (41.2)\n \n \n \n \n (45.3)\n \n \n \n \n \n \n Basic earnings per share (not...