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Kier group cut their dividend amidst poor financial performance

Investment Tools Ltd.
Kier group cut their dividend amidst poor financial performance

Kier group paid an interim dividend of 4.9p on 17 May 2019. However, the Company has suspended the final dividend for FY2019 and the dividend for FY2020. The Board will continue to review the Company's dividend policy for future financial periods.

Other financial actions taken include:

£250m rights issue in December 2018 to strengthen the balance sheet

New management team appointed

Simplification of Group structure around four market-leading businesses: Regional Building, Highways, Utilities and Infrastructure

Re-shaping of the Group to reduce net debt:

• Sale of Kier Living progressing well 

• Capital investment in Property to be reduced to £100m by 30 June 2020 (2019: £184m); exploring options to accelerate the release of capital from the business

• Exit of Environmental Services and Facilities Management businesses underway

Accelerated Future Proofing Kier (FPK) programme

• Headcount reduction of c.1,200 by FY2020; c.650 headcount reduction in FY2019

• Annual cost savings of c.£55m from FY2021

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