Kier says that its financial results for the year to 30th June 2023 will be in line with expectations with debt and cash positions ahead of expectations, thanks to the construction division experiencing stronger than anticipated growth in the final quarter.聽
Year-end net cash position of approximately 拢60m is 鈥渟ignificantly鈥� above expectations, the company said, while average net debt will be better than expected at around 拢230m, down from 拢243m over the past six months.
The order book remains above 拢10bn and work continues to come in, including long-term frameworks such as the 拢5.1bn Strategic Alliance Contract in relation to the Defence Estate Optimisation portfolio for the Ministry of Defence and the renewed 拢4.5bn Southern Construction Framework.
Chief executive Andrew Davies said: 鈥淭he group has delivered another year of strong operational and cash performance. We have now completed the second year of our medium-term value creation plan. This plan has embedded bidding discipline and risk management into the business and is allowing us to maximise value and convert the many high quality and profitable opportunities in our chosen markets, which remain favourable. We have also strengthened our balance sheet and grown our order book despite the uncertainty in the wider economy. These factors give the board confidence in the continued success of the group."
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