For the year ended 30th June 2024 Kier reported group revenue up 16% to £3,905m (2013: £3,381m). Pre-tax proft was up 31% to £68.1m (2013: £51.9m).
The net cash position at year-end was £167.2m (FY23: £64.1m) while the average month-end net debt was halved from £232m last year to £116m this time.
The order book increased 7% during the year to £10.8bn. While 40% of this order book is still on fixed priced contracts, the average order size is only around £20m in the construction business, limiting the risk exposure should a project not go to plan, the company said.
Chief executive Andrew Davies said: “The past three years have seen the group achieve significant operational and financial progress. The strong results for FY24 are testament to the hard work and commitment of our people who have enhanced our resilience and strengthened our financial position in-line with our medium-term value creation plan. Our order book remains strong and growing at £10.8bn and provides us with good multi-year revenue visibility. The contracts within our order book reflect the bidding discipline and risk management now embedded in the business.
“I am also pleased to report that the group significantly reduced its average month-end net debt position as well as improved its year-end net cash position. I am confident we can sustain this momentum going forward.”
The current year is also looking promising, he said. “The group has started the financial year well and is trading in-line with the board’s expectations. The group is well positioned to continue benefiting from UK government infrastructure spending commitments and we are confident in sustaining the strong cash generation evidenced especially over the last two years allowing us to significantly deleverage, increase dividends to shareholders and deliver the evolved long-term sustainable growth plan which will benefit all stakeholders.”
