Kier Group reported that it halved its average month-end net debt while more than doubling its net cash position in its latest year-end trading update.
The Group’s results for the ended 30 June 2024 show its revenue and profit are expected to be in line with market expectations.
Meanwhile, its average month-end net debt halved to £115 million (FY23: £232 million) as it generated substantial operating free cash flow and its net cash position more than doubled from £64 million in 2023 to £165 million.
Kier also reported a healthy year-end orderbook, growing by seven per cent to £10.8 billion, and around 85 per cent of revenue for FY25 has already been secured.
Last month, the group announced a restructure of its facilities management (FM) business, Kier Places, following the Kier’s appointment to deliver FM services for the new Velindre Cancer Centre in Cardiff.
Andrew Davies, chief executive of Kier, 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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