At one stage, firm’s debt pile was close to £600m
Kier has posted a net cash position in its half year after years of carrying an average month-end debt, the firm said in a trading update this morning.
At one point, at the end of its 2021 financial year, the firm’s debt had hit an eye-watering £582m.
But when it announces its interim results in March, the firm said it will be announcing an average month-end cash position of £15m – a swing of £53m on the £38m average month-end debt for the same period last time.
It added: “At 31 December 2025, the group is expected to report a period-end net cash position substantially above the prior year comparative period (HY25: £58m).”
The business last reported a net cash position in its 2013 interim results for the six months to December 2012.
New chief executive Stuart Togwell said: “The achievement of an average net cash position for the period represents a significant milestone and is testament to our culture of operational delivery and focus on working capital management.”
Kier confirmed its order book at the end of December was up £600m to £11.6bn on the same period last time and that it had secured 94% of its full-year revenue for its current financial year which closes at the end of June.
The firm will release its interim results on 3 March.
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