Contractor says it has begun efficiency and streamlining initiative
Kier has said it plans to get rid of non-core businesses as part of a revamp of the business to improve operating margins.
The firm said it has begun rolling out an initiative called Future Proofing Kier which chief executive Haydn Mursell (pictured) said “will improve productivity, include the disposal of non-core operations and deliver an improvement in operating margins and cash generation”.
Kier said it will reveal more details of its proposals when it unveils its full year results to the end of June in September.
In a trading update for the year to June, the firm said average month-end net debt had risen to £375m after the firm said its workloads had been hit by bad weather earlier this year.
It said that its construction and services order book rose to more than £10bn, providing a 90% secured revenue position in these businesses for FY19.
Kier said that its 2018 results would be in line with expectations.