Kier laments ‘difficult financial year’

Kier laments "difficult financial year"

At Kier, sales have fallen, which the construction and real estate services group, headquartered in Sandy, described as a "difficult year".

Reported Group sales as of June 30, 2020 were £ 3.42 billion, compared to £ 3.95 billion twelve months ago.

Reported pre-tax losses were £ 225.3m, down slightly from £ 229.5m in 2019.

Andrew Davies, Chairman of the Board of Directors, said: "This fiscal year has been difficult for the group.

"The progress made in the first nine months despite difficult market conditions reflected the successful implementation of many elements of our strategic plan as we began to feel the benefits of key cost-cutting measures.

"The impact of Covid-19 adversely affected the group's performance for the last three months of the fiscal year as the company adjusted to work under revised on-site operating procedures."

He added that Kier "needs significant restructuring but has great potential".

"While volume was lower in the first half, it was expected as significant contracts were signed and the framework changed," said Davies.

"As a result of the decisive cost-saving measures, profits were able to improve despite these sales declines. As a result, the group acted as expected in the period up to March 31, 2020. However, the effects of Covid-19 have reduced the workload Costs have increased. "

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