By Anthony O. Goriainoff
Kier Group has reported that its performance in the first half of the fiscal year remains ahead of last year and is in line with the board’s expectations. The UK-based infrastructure services and construction group has also expressed confidence in resuming dividend payments.
In a statement released on Thursday, Kier Group announced that it had a promising start to the year and had made significant progress in reducing debt, leading to a substantial improvement in its balance sheet for the six months ending December 31.
The board of Kier Group has stated that it will declare an interim dividend when it releases its half-year results on March 7.
As of December 31, the company’s order book stood at approximately £10.7 billion ($13.56 billion), which marks a 6% increase compared to the position on June 30.
Kier Group has revealed that it has already secured 92% of its revenue for fiscal year 2024, offering a high level of visibility. Additionally, the company has emphasized that long-term framework positions are not included in the order book, presenting an extra opportunity.
Chief Executive Andrew Davies has assured that Kier Group is well-positioned to benefit from the UK government’s infrastructure spending commitments, which gives the board confidence in delivering their medium-term value-creation plan.
