Wins a boost for firm which warned earlier this month about rising debt
Kier has chalked up 13 new school projects across England and Wales worth a combined £170m in the past month.
The wins will be a tonic for a firm which in a trading update this month said revenues had been hit by the covid-19 pandemic.
It warned investors that it might be forced to turn to a second rights issue in less than two years as a way of eating into its debt pile which has remained stubbornly high because the firm has still not sold its housing arm which was put on the market last June.
Kier, which in the update said its average month-end net debt for the year to June 2020 was likely to have risen £18m to £440m on the same period last year, said the education wins were a mix of new build and refurbishment.
Public sector work accounts for more than 70% of its £4bn-plus turnover and education is increasingly being seen as one way for the government to build its way out of the covid-19 crisis with the government promising a £1bn schools building programme over the next decade.
Kier’s 13 new school projects
- Addington Valley, Croydon – new build school
- Bishopston school, Swansea – extension and refurbishment at existing school
- Barton Court Academy, Dover – new build school
- Dover Grammar School for Boys – new building at existing school
- Haberdashers’ Aske’s Hatcham College, London
- Harris Academy Clapham, London – new school
- Livingstone Academy, Bournemouth – new build school
- Park Hill, London - refurbishment
- Stantonbury International School, Milton Keynes – new block at existing school
- Tan-Y-Lan, Swansea – new build school
- Whipton Barton, Exeter
- Ysgol-Y-Graig, Anglesey – new build school
- Ysgol Gyfun Gwyr, Swansea – new block at existing school