Kier Group plc (KIE) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thank you for joining our full year results presentation, both here in person, and also I'd like to extend a warm welcome for those joining on the webcast and the audio. I'm Andrew Davies, I'm the Chief Executive of Care Group, and I'm joined today by Simon Kesterton, who's our Chief Financial Officer. So this morning, I will walk you through the highlights from the last 12 months to the 30th of June 2023, and then hand you over to Simon, who will talk you through the group's financial performance. This will be followed by an operational review, an update on ESG, and we'll finish off with our outlook. And then there'll be an opportunity for questions and answers at the end. So if we work through the disclaimer and the title. So the FY23 highlights on here, slide four. We've delivered a strong set of results in the year. We had a positive momentum in the business. Infrastructure services revenue grew by 3% and construction grew by 15%, with significant volume growth in the final quarter of the financial year. We continue to see inflationary pressures, which we're successfully mitigating. We achieved revenue growth overall of 5%. We've achieved an adjusted operating profit of £132 million, a year-on-year increase of 9%, and we delivered an industry-leading adjusted operating margin of 3.9%, continuing to outperform our medium-term target of circa 3.5%. Our focus was and continues to be firmly on delivering the medium-term plan through growth in our core markets supported by UK government spending commitments. And the strong operational and financial performance in the year increases my confidence in our ability to consistently deliver for all of our shareholders. So the group's net cash position at 30th of June was £64 million, significantly...