- Good contract visibility
- Marked debt reduction
Kier Group (KIE) is still busily engaged in a spot of housekeeping, so shareholders will have to wait a little longer for the restoration of dividend payments. Nevertheless, there are signs that the ongoing restructuring is having the desired effect. A focus on debt reduction, in tandem with a capital raise and the £110mn sale of its housebuilding business, Kier Living, resulted in a reduction in average month-end net debt from £432mn to £216mn. The group undertook a £29.3mn repayment of its supply chain finance facility and has repaid the remainder of its £50mn facility post period-end.