Kier says that its results for the year to 30th June 2024 will show revenue and profit in line with market expectations and a growing order book.
Net cash position at year-end of £165m is more than double the £64m it had a year before, while Kier’s average month-end net debt has halved to £115m, down from £232m a year ago.
The order book grew by 7% over the year to £10.8bn, with contract awards towards the end of the year including railway and water frameworks, £110m of school building work and a £200m contract to build a houseblock at HMP Channings Wood, a Category C prison near Denbury.
Chief executive Andrew Davies said: “The group has had a strong year with volume and profit growth, increased orders and material deleveraging. We have enhanced our resilience and strengthened our financial position in line with the objectives set out in our medium-term value creation plan. Our order book remains strong and provides us with multi-year revenue visibility. The group is well positioned to continue benefiting from UK government and regulated sector infrastructure spending commitments and these strong structural drivers will allow us to further generate shareholder returns."
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